U.S. Diamond Imports Hit All Time Highs

New York - U.S. loose polished diamond imports and exports hit record highs in 1997 for the fifth straight year, according to statistics compiled by the American Diamond Industry Association.

It was the seventh year in a row that diamond imports grew in value, said ADIA Chairman Lloyd Jaffe.<font size="+1">

Top Market in World

"The United States is the best diamond market in the world, and people are enjoying good economic times," Jaffe said. "[Americans] have discretionary funds, and many people enjoy spending money on jewelry and collectibles."

<img src="/graphics/news/pc040798b.gif" width=200 height=170 hspace=5 border=0 align="right" alt="">U.S. diamond merchants imported more than 13.4 million carats of loose stones valued at almost $7 billion in 1997. Those figures reflect a 19.2% increase in value and a 9.7% increase in weight from just one year ago.

U.S. diamond imports fetched a $517-per-carat average price in 1997, marking an 8.6% increase from 1996. Israel, Belgium and India led all nations by accounting for almost 90% of total value and 94% in total weight of U.S. imports.

Meanwhile, U.S. polished diamond exports increased in value for the fifth year in a row, Jaffe said. The United States exported more than 2.5 million carats valued at almost $2.3 billion in 1997.

Israel, Belgium and Hong Kong accounted for 75.4% of the total value and 73.5% of the total weight exported by the United States. However, exports to Japan, Singapore and Switzerland dropped 49.5%, 20.7% and 20.6%, respectively.

"The United States was the market for diamonds during the past year, especially with all the economic woes facing the Orient," Jaffe said. However, "some of those exports have to be recognized as goods that may have been sent here and then returned to sender."

The average price per carat of loose polished diamond exports was $882, a drop of 21.9% from 1996 values.