Polished imports in the United States grew at an annualized rate of 2.9%, to $ 1.85 billion in seasonally quiet April. Polished imports by weight increased by 0.6% to 793,939 carats as their average price increased by 2.3%, to $ 2324 per carat.
Meanwhile, polished exports jumped 9.8% to $ 1.33 billion, making them net imports fell by 12% to $ 513 million.
Diamond imports in April increased by more than tripled, to $ 74 million from $ 22 million a year ago, while exports increased more than fourfold, to $ 80 million to $ 18 million a year earlier. Net rough imports fell to a deficit of $ 6 million, compared to a surplus of $ 4 million in the previous year. The balance of US diamond trade declined by 13% to $ 507 million.
During the first four months of this year, US polished diamond imports fell by 1.5%, to $ 7.4 billion, while exports fell by 1.2%, to $ 6.03 billion , resulting in net imports fell by 2.7%, to $ 1.37 billion.
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In a recent report, the research unit ICRA Ltd has informed that the volume of jewelry production in India is expected to fall by about 40-50 tons for the fiscal fourth quarter ending March 31, 2016. According to the report, this will be the result of new government regulations and the subsequent strike jewelery sector.
The report the company noted that overall demand for gold jewelry has been relatively good in recent months, and its fall in the last quarter is likely to be only temporary. It is expected that the total production volumes for the year are likely to be relatively stable.
ICRA expects that the industry is gradually will adhere to the new rules, and it will stimulate pent-up demand in the coming quarters. The report predicts an increase of 5-6% in terms of value and by 1% in real terms compared to the 2016 fiscal year, mainly due to about 5 per cent increase in gold prices, the increase in demand in rural areas and the expansion of organized jewelry companies.
As noted by ICRA, the excise tax on jewelery, introduced in the last budget of India, will be borne by consumers, but he did not have a material impact on the demand, given the fact that consumers are able to get used to the increase in import duty on gold to 4% to 10% over the past few years.
However, the agency believes that the tax benefit of organized retail in the medium and long term. He also contributed to the development of organized jewelry manufacturers, which have powerful information systems to meet the requirements. Small craftsmen and workers who have neither the expertise nor the infrastructure to maintain records is likely to be affected by the new rules.
The report notes that the excise tax is also likely to lead to long-term changes in the product supply chain to organized retailers, who will tend to the production of raw materials in larger organized jewelery sector producers. Now they get raw materials mainly in the informal sector.
ICRA Limited (ICRA) is an Indian independent and professional agency of investment information and credit rating.
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