Japan's polished diamond imports continued to grow in May, totaling $52.5 million, a 10.8% year-over-year increase, based on figures released by Momozawa & Co., Inc.

 

The volume of imports is however declined, falling 20.8% to 133,516 carats.

The interesting trend in Japan is that while less diamonds are being imported, the shift is towards higher value.

This confirms the expectation that in response to a hardship, consumers prefer to buy less, preferring to focus on items of higher on longer lasting value.

The average value of Japan's diamond imports has increased by 21.7% so far this year, out pacing the average increase in polished diamond prices.

In the first five months of 2011, Japan imported 955,198 carats worth $331.7 million at an average value of $347.28 p/c. By value the increase is 21% while in volume only 4%.