Israel net polished diamond exports surge in Q1
Ramat Gan, Israel, April 11, 2011 – The Israeli Diamond Industry’s recovery continued in the first quarter of 2011, according to figures published by the Israel Ministry of Industry, Trade and Labor’s Diamond Controller Shmuel Mordechai.
The figures show double-digit growth in exports and imports of both polished and rough diamonds.
Net polished diamond exports for the period climbed 45.7percent to reach $2.1billion compared to $1.4 billion from January to March 2010. Net rough diamond exports increased 39.6 percent to $1.2 billion, compared to $829 million in the first quarter of 2010.
Net import of polished diamonds from January to March 2011 rose 24.9 percent to $1.1 billion, compared to $916 million in the same period last year. Net rough diamond imports rose 48.5 percent to $1.2 billion, compared to $831million in the first quarter of 2010.
The United States remained Israel’s largest market with 45 percent of total exports. Hong Kong accounted for 26 percent, Switzerland 9 percent, Belgium 8 percent, China 2 percent and the rest of the world 10 percent. Net polished exports to the U.S. were $694 million, to Hong Kong $506 million, to Switzerland $351 million, to Belgium $190 million and to China $63 million.
According to Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI), the Israeli industry continues to display its strength and vitality. “We are gratified that the export figures bear out what we have been saying. The Israeli Diamond Industry is back in full swing. The steady growth proves that we are well on the way to full recovery,” he said.
IDI Managing Director Eli Avidar said, “Since the beginning of the year we have participated in four important trade shows – in Mumbai, Vicenza, Hong Kong and Basel.
“The Israeli Diamond Industry has been very well received at each of these shows, and the business results have been very good. This year we have expanded our participation to additional trade shows in both Hong Kong and India, and the demand for space among our members is enormous. We are looking forward to a very promising year.”