January 12th, 2005
Polished activity in the US rose sharply in November, according to figures released by the US Census Bureau on Wednesday.
Polished imports were 28% higher, compared to 2003 at $1.3 billion, and polished exports were 30% higher at $614 million.
Total net exports for the first 11 months of the year increased by 13%, to just under $7 billion.
However, in terms of volume there continues to be an outflow of polished from the US.
The first eleven months of the year have seen a net outflow of 626,000 carats. This compares to the corresponding period in 2003 which saw a net inflow of over 2.9 million carats.
The outflow is the result of an increase in the volume of exports, which rose by 30%, as opposed to imports that have risen by just 3%. The underlying reason for this is that stocks built up in the US over the past few years, as it was the location where a final sale was most likely to be made. Over the past year other parts of the world have become relatively more attractive, especially given the decline in the value of the dollar.
Imports of rough increased by 45% in November to $83 million, while rough exports fell by 43% to just $13 million. Net rough imports for the year were $444 million up 2% on 2003.