Japan’s Jewelry, Diamond Imports Lag in November

Japan’s economic recovery has yet to impact the precious metals and jewelry industries as the country’s imports in most of these categories fell in November 2007.

One exception was polished diamond imports, which grew a mere one percent to $75 million for the month. By volume, however, Japanese polished imports fell 7.5 percent to 198,753 carats.

India remained Japan’s biggest supplier of polished as imports from there rose 6.8 percent to $28.6 million in November. Imports from Belgium grew 31.6 percent to $23.5 million, while exports from Israel fell 23.7 percent to $8.1 million.

For the year to date, January through November 2007, Japan’s total diamond imports declined 12.2 percent to $829.89 million.

Gold jewelry imports fell 8.1 percent to $79.4 million in November, and  also decreased in the first 11 months of the year by 4.9 percent to $733.58 million. Platinum jewelry imports were down one percent to $39.3 million, and by 5.9 percent to $383.96 million for the year to date. Silver jewelry imports dropped 28.6 percent to $29.1 million, and by 8.5 percent to $251.26 million for the year.

Among its other jewelry-related imports, Japan increased its pearl purchases by 11.7 percent to $49.53 million in November, but decreased its imports of ruby, sapphire and emeralds by 35 percent to $2.8 million. Imports of "other colored stones" fell 45.7 percent to $5.1 million.

The downward trend in Japanese jewelry imports went against retail patterns in November.

According to the Japan Department Store Association, retail sales in November rose 0.9 percent to JPY692.5 billion ($6.2 billion,) which was the first increase in three months. The category for jewelry sales, which included artwork and precious metals, fell 5.1 percent to JPY33.25 billion ($296 million,) the association said.
Source: diamonds