IDI clocks double-digit growth for its diamond exports

The Israeli Diamond Industry is optimistic about achieving a healthy result for the year 2011, as at the end the third quarter of 2011, it clocked double-digit growth in exports and imports of both polished and rough diamonds. The country’s net export of polished diamonds from January through September 2011 valued $5.83 billion, a rise of 37.1 percent (y-o-y) and net rough diamond exports valued $2.98 billion, jumping 31.8 percent.

Israel’s net imports of polished diamonds rose 48.8 percent to $4.17 billion in the said nine months and net rough diamond imports rose 35 percent (y-o-y) to $3.52 billion, in the said period.

This period saw the United States being Israel’s largest consumer of polished diamond exports ($2.13 billion or 37 percent of total exports). Hong Kong accounted for $1.71 billion or 29 percent, Belgium $471 million or 8 percent, Switzerland $338 million or 6 percent, Thailand $114 million or 2 percent and the rest of the world $1.07 billion or 18 percent.

Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) said that the positive results in 2011 are the result of “the dynamism, flexibility and forcefulness of the Israeli industry.” He added that “Despite the current uncertainty I am very hopeful that the full year figures will continue this positive trend”. Eli Avidar, IDI Managing Director said “The Israeli delegation to the Hong Kong September show was the largest of any country. We are seeing more and more first time participants joining our pavilions, especially in Asian markets. We’ve responded to the overwhelming demand by our industry by adding more trade shows in existing markets. In 2012 we intend to add shows in new markets and I’m certain we’ll have a big response”.