The value of U.S. diamond imports is at its lowest level in 17 years while exports are at their lowest level in 11 years.
U.S. diamond exports and imports are both off more than 50% this year, more than five times the average for overall U.S. trade. That’s according to Census data released Tuesday that covers the first eight months of the year.
Things were already tough in the industry, which last year was already facing a trifecta of issues:
- an oversupply of raw, un-cut diamonds;
- tougher financing for the brokers between the mines and jewelry stores, given the oversupply;
- and heightened consumer acceptance of lab-grown diamonds.
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