Israel diamond industry reports strong export growth
Ramat Gan, Israel, January 6, 2011 – The Israeli diamond industry showed an impressive recovery in 2010, reporting high double-digit growth in exports and imports of polished and rough diamonds, according to the Israel Ministry of Industry, Trade and Labor’s Diamond Controller Shmuel Mordechai.
Net polished diamond exports for the year rose 48.1percent to reach $5.8 billion, compared to $3.9 billion in 2009. Net rough diamond exports increased 62.1percent to $3.06 billion, compared to $1.9 billion in 2009.
Net import of polished diamonds jumped 68 percent to $4.2 billion, compared to $2.5 billion in 2009. Net rough diamond imports rose 50.6 percent to $3.8 billion, compared to $2.5 billion in 2009.
The United States remained Israel’s largest export market with 41 percent of total exports. Hong Kong accounted for 25 percent, India 5 percent, Switzerland 4 percent, China 3 percent and the rest of the world 22 percent. Net polished exports to the U.S. were $2.403 billion, to Hong Kong $1.487 billion, to India $264 million, to Switzerland $248 million and to China $177 million.
According to Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI), the Israeli industry is well on its way to full recovery from the economic crisis. “The Israeli Diamond Industry is proving its strength and flexibility. We are developing new markets – China and India – while continuing to promote our traditional ones. We can look forward to continued growth in 2011.”
Eli Avidar, IDI Managing Director, said that he was gratified that Israeli activity in Asian markets was growing steadily. “Over the past few years, IDI has emphasized marketing activities in the Far East and India, while not neglecting our largest trading partner, the U.S. As we can see by the results of 2010, this is certainly bearing fruit. In 2011 we will expand our activities in Asian markets, starting with new trade shows, such as IIJS Mumbai in January. We’ll be announcing new initiatives in these markets during the year,” he said.