U.S. polished diamond imports during the month of May rose 59% year on year to $2.52 billion. The total set a new record for polished imports, beating the previous high of $2.3 billion in May 2008. The month of May is typically a strong month for imports due to the JCK Vegas shows. Polished diamond exports rose 38 percent year on year to $1.36 billion, leaving net imports of $1.17 billion, compared to $598 million one year ago. By volume, the U.S. imported 1.48 million carats of polished diamonds, a 31% increase from May 2010.

Rough diamond imports rose 15% to $70 million, and rough exports fell 9% to $40 million, leaving net rough imports of $30 million -- or a 76% increase from May 2010.

In total, the net diamond account for May stood at $1.39 billion, compared to $1 billion one year ago.

The U.S. imported almost $9.4 billion in polished goods for the January through May cycle, which is an improvement of 34% year on year. Polished exports have jumped 39% to $7 billion, leaving net polished imports of $2.4 billion compared to $1.6 billion for the same five-month period of 2010.

Rough imports during the first five months of 2011 rose 26% to $280 million and rough exports jumped 50% to $183 million, leaving net rough imports basically flat at $97 million. The U.S. net diamond account for the five-month period rose 19% year on year to $2.49 billion.