Hong Kong's diamond trade rose in the first quarter of 2011, with exports of polished diamonds increasing 49% to $3.23 billion.



Polished diamond imports totaled 7.37 million carats with a value of $3.96 billion – a 12% increase in volume and a 35% increase in value. Per-carat prices were also up, averaging $536.74/carat – 20% higher than in the corresponding quarter of 2010.



Hong Kong saw imports of polished diamonds from India increase by 27%; imports from Israel increase by 58%; and imports from the US increase by 31%. Nevertheless, its net polished imports were down 6%.



Rough diamond imports rose 14% in Q1 to a total of $289.4 million, while rough exports saw a sharper jump of 40% to $296.8 million. Hong Kong's net rough imports for Q1 2011 dropped to negative $7.5 million, compared to positive $41.7 million in Q1 2010, but its net diamond account remained static at $736.9 million.