Belgium’s polished diamond exports increased by 15% in February

There was a 15 percent increase in Belgium’s polished diamond exports in February 2010, amounting to $875.3 million, and a 1 percent increase in polished diamond exports in volume terms amounting to 582.934 carats in the said month. The average price per carat increased by 14 percent to $1,501.47 per carat, reports say.

Market-wise, Belgium’s polished diamond exports across all its major markets saw a pick up, apart from Hong Kong which remained the second largest market behind the U.S. Belgium’s polished exports to the U.S. increased 62 percent to $254.8 million, to Israel rose by 85 percent to $104 million, to India by 24 percent to $45.2 million, and dipped for Hong Kong by 32 percent to $183.4 million. The increase in exports are being attributed to a growing interest and sentiment in the economy, yet the country’s exports had dipped by 3.8 percent in comparison to the February 2008 benchmark, reports say.

Imports of polished diamonds increased by 22 percent for Belgium and amounted to $663 million. Net polished exports, ( a measures of the excess of exports over imports and indicator of the amount of polished traded locally) dipped by 1 percent to $212.3 million. Imports of rough diamonds almost tripled to $781.7 million in February 2010, and its exports followed similar increasing by almost three-fold to $904 million. The net rough imports, (calculated as imports less exports, and indicating the amount of rough available for dealing and polishing in the local market) decreased by 81 percent to negative $122.3 million. The country’s net diamond account, representing total exports of rough and polished less total imports, increased 19 percent to $334.6 million.