Hong Kong's polished diamond imports fell 13% to $4.23 billion in the first quarter of 2016 after shipments from its key supplier markets – India, Israel and Belgium – all trended downwards. Deliveries from India, Hong Kong’s largest diamond trade partner, fell 12% to $1.88 billion. The declines were somewhat offset by an 11% gain on imports from the U.S. and a 4.7% rise in imports from the United Arab Emirates, Hong Kong's fourth- and fifth-largest trade partners, respectively. By volume, polished imports dipped only 1.9% to 4.8 million carats, indicating that the price of polished diamonds softened much more significantly than their quantity. Hong Kong’s polished exports and re-exports fell 8% to $3.21 billion, with lower levels of exports to India on the decline. In terms of rough trade, imports fell 15% to $374 million while exports declined 13% to $465 million.