Israeli diamond industry continues to recover
Ramat Gan, Israel, October 6, 2010 – Israel’s diamond industry is continuing its recovery, according to the figures for the first three quarters of 2010, published by the Israel Ministry of Industry, Trade and Labor’s Diamond Controller Shmuel Mordechai.
During the nine month period, exports and imports of polished and rough diamonds rose by an average of 70 percent over the same period in 2009.
Net polished diamond exports from January to September 2010 grew 62.5 percent to reach $4.2 billion, up from $2.6 billion in the same period last year.
Net rough diamond exports rose 80 percent to reach $2.3 billion, from $1.3 billion in 2009.
Net import of polished diamonds jumped 84 percent from $1.5 billion in the first three quarters of last year, to reach $2.6 billion for the same period in 2010.
Net import of rough diamonds rose 64 percent to reach $2.6 billion, compared to $1.6 billion for the same period in 2009.
Shmuel Mordechai noted that Asia was rapidly becoming a central market for Israeli diamonds, with export figures for Hong Kong and the rest of Asia approaching those for the U.S., Israel’s largest market.
During this period net polished exports to the U.S. accounted for 40 percent of the total, with Hong Kong consuming 27 percent, Belgium 8 percent, Switzerland 4 percent, India 4 percent and other countries 17 percent.
Net polished exports to the U.S. were $1.684 billion, to Hong Kong $1.149 billion, to Belgium $344 million, to Switzerland $176 million and to India $164 million.
Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI), said that the figures support the renewed activity in evidence in the Israeli diamond centre.
“It’s clear that the Israeli diamond industry has emerged from the economic crisis. Lessons learned from this crisis will make the Israeli industry stronger and smarter. We are confident that the growth will continue.”