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Israel’s diamond trade shows signs of recovery in third quarter
Net polished diamond exports value $4.34 billion in the first three quarters of 2012
By: Diamond World News Service
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Oct 23 2012 7:48PM
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Reference: 7352  

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Ministry of Industry, Trade and Labor Diamond Controller Shmuel Mordechai has published figures for Israel’s diamond trade in the first nine months of 2012, and although the figures show a drop over the same three quarters last year, Mordechai also noted that the Israel diamond industry has experienced some signs of recovery in its diamond trade in the third quarter this year.

Mordechai noted that net polished diamond exports stood at $4.34 billion in the three quarters of 2012, dropping 25.6 percent from $5.83 billion in the same period last year. Mordechai said that the dramatic decrease in diamond exports and imports in the second quarter of 2012 seems to have been stemmed, and there are early signs of increased trade activity.

In the first nine months, the country’s net rough diamond exports valued $2.07 billion decreasing 30.6 percent from $2.98 billion in the same three quarters last year. Net rough diamond imports valued $2.65 billion, compared to $3.51 billion for the same period last year, a 24.7 percent drop. Net polished imports stood at $3.08 billion, 26.1 percent less than in the first three quarters of 2011, when they totaled $4.17 billon.

Adding to the positive outlook that trade improved third quarter onwards, Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) said that the Israeli industry was still affected by the world economic situation, but was seeing a marked trend toward greater activity. “Judging by the last two important trade shows, in Mumbai and Hong Kong, we are definitely seeing an upward movement in the diamond trade. Though we still have some way to go before we reach last year’s figures, which were Israel’s best ever, I am confident that the positive trend will continue through the rest of the year,” Ganz added.

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