NEW YORK/SURAT (Commodity Online): Imports of polished diamonds into Unites States in August dipped by 34 per cent to $893 million, as compared to the same month last year.

The volume of polished diamond imports dipped by 9 per cent to 973,560 carats and resulted in an average price of $917.25, which fell by 27 percent on the year.

This will cause ripples in the Indian city of Surat, where world’s most diamonds are polished. Surat is the main diamond polishing hub in the world.

The exports of polished diamonds dipped by 32 per cent to $776 million in August in US. The country’s rough diamond imports dipped by 72 per cent to $15 million. The exports of rough diamonds amounted to $10 million after slipping 81 per cent.

In the span of January-August, polished diamond imports declined by 45 per cent to $7.49 billion, while rough imports decreased by 72 per cent to $170 million, and rough exports dipped by 61 per cent to $120 million.

Meanwhile, a diamond exchange center is being established in Manhattan based on the Israeli model. Upon the mid-2011 completion of the building that will house the largest diamond and jewellery center in the US, Manhattan’s Diamond District is expecting to be revolutionised. The building will be known as the International Gem Tower. 

The new center is in actuality an exact copy of the model used in the Israeli Diamond Exchange, which is located in Ramat Gan, and will provide all the necessary services for the industry under one roof and will up the level of personal security provided to those working in the field. The project will cost an estimated $750 million.

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