Hong Kong Sees Jump in Polished Imports

RAPAPORT... Hong Kong's polished-diamond imports jumped in the firstquarter, recent data from the municipality's trade body showed.  Shipments into the center rose 10% to $5.17 billion in thefirst three months, according to data from the Diamond Federation of Hong Kong,China. By volume, imports grew 6% to 5.3 million carats, while the averageprice increased 3% to $982 per carat. Polished imports from India, its biggest supplier ofdiamonds, increased 4% to $2.36 billion, while Belgium, in second place, spiked27% to $504.4 million, overtaking the US, which rose 2% to $493 million.Shipments from Israel dropped 7% to $434.3 million. Hong Kong's polished exports grew 4% to $3.53 billionfor the quarter, meaning net polished imports - the totalof imports minus exports - leaped 25% to $1.64 billion. Polished exports to mainlandChina climbed 11% to $808.1 million. Rough imports soared 61% to $539.1 million, with roughexports up 85% to $907.6 million, the data showed. Net rough imports stood atnegative $368.5 million, compared with negative $155.1 million a year ago, as outboundshipments exceeded inbound trade. Hong Kong's net diamond account, reflecting total rough andpolished imports minus total exports, went up 10% to $1.27 billion. Image: Mk2010