Japan's Diamond Exports Surge to Record Levels

Polished diamondsTokyo: Japan’s diamond and gold exports have recently enjoyed a surge on the back of a weaker yen, which has pushed up prices, with exports through April rising to record levels, according to a report in the Nikkei Asian Review.

Japan exported 350 million yen ($2.79 million) worth of diamonds in April, a 60-percent increase from a year ago. Exports from January through April, came to 3.01 billion yen ($24 million) compared with 1.16 billion yen ($8.89 million) for the same period in 2014.

Japan has no diamond mines and most of its exports are secondhand gems. According to the Japan Re-Jewelry Council in Tokyo, Japan imported 87 million carats, or 17.4 tons, of diamonds between 1965 and 2013.

Japan exported 238.4 billion yen ($1.89 million) worth of gold bullion and other goods in January-April. This figure represents a 120 percent year-over-year increase and has outstripped the previous record year of 2011. Hong Kong is the biggest export destination for gold, followed by Singapore and Thailand.