Hong Kong’s polished diamond imports rose 35 percent to $3.96 billion in the first quarter of 2011, according to the Diamond Federation of Hong Kong, China Limited. By volume, the imports increased 12 percent to 7.37 million carats as the average price of these goods grew 20 percent to $536.74 per carat.

Imports from India rose 27 percent to $1.9 billion, and from Israel they increased 58 percent to $546.6 million. Imports from the U.S. grew 31 percent to $414.7 million.

Polished exports rose 49 percent to $3.23 billion, with exports to India increasing 47 percent to $1.4 billion, and exports to Mainland China rising 30 percent to $382.5 million. Hong Kong’s net polished imports, indicating the amount of goods that stayed in Hong Kong during the period, fell 6 percent to $729.4 million.

Rough imports increased 14 percent to $289.4 million and rough exports grew 40 percent to $296.8 million. Net rough imports, representing the excess of imports over exports, declined to a deficit of $7.5 million, compared with a surplus of $41.7 million a year earlier.

Hong Kong’s first quarter net diamond account, accounting for total imports of polished and rough less total exports, remained basically flat at $736.9 million.