Japan’s polished diamond imports continued to decline in May. This has dashed the country’s aspiration to increase imports for May compared to April of this year. Overall throughout May, Japan imported $47.4 million (£30.5 million) worth of polished diamonds, the majority of which were lower cost goods coming in from India.
Momozawa & Co. Inc. has published statistical figures which state that imports, when compared to May 2009, rose in value by merely 3.3 percent but declined by 10.9 percent when compared to April of 2010.
In terms of volume, imports have shown a decline of 8.6 percent year-over-year and a 5.8 percent decline month-over-month, having started at 168,526 carats. For May, the average value of imports rested at $281 (£180.9) per carat.
Japan’s top and leading supplier of polished diamonds is India. India provided a source worth $18.4 million (£11.9 million) or the equivalent of 123,833 carats. This however indicates a 10.7 percent drop in volume with a 5.8 percent increase in terms of price or value. The average value of the Indian goods was calculated at $149 (£95.9) per carat.
Israel, Belgium and China are also leading suppliers which are crucial to the Japanese diamond market. For example, Israel provided a source of $5.1 million (£3.3 million) of diamonds with an average price of $967 (£622) per carat.
Belgium sent imports of goods worth $9.4 million (£6.1 million) with an average value of $1,120 (£721) per carat.
China was a leading supplier only a year ago but has now faded from that name since it imported a smaller $1.2 million worth of polished diamonds to its neighbouring country Japan; a decrease of 43.2 percent when compared to last year’s figures.