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Israel’s net polished diamond exports in 2011 exceed 2007 figures
Net polished diamond exports in 2011 were worth $7.2 billion
By: Diamond World News Service
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Jan 4 2012 12:42PM
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Reference: 6604  

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The Israel Diamond Industry’s net polished diamond exports in 2011 recorded good growth, which Moti Ganz, Chairman of the Israel Diamond Institute (IDI), stated have “exceeded our polished diamond export figures of 2007, which stood at $7.1 billion before the start of the economic crisis”.

The country’s net polished diamond exports rose 23.5 percent to $7.2 billion, as compared to 2010. The net import of polished diamonds rose 34.7 percent to 5.7 billion in comparison to 2010. The net rough diamond exports rose 14.9 percent to $3.5 billion in 2011 as compared to 2010 and net rough diamond imports rose 17.5 percent over 2010 to $4.4 billion.

Although the last quarter of 2011 met with a slowdown in activity reported in the global diamond industry, Moti Ganz looked upon 2011 as a ‘very good year for the Israeli Diamond Industry’. “The year 2011 began with record growth in the first three quarters in all parameters, balanced out to some degree by a worldwide slowdown later in the year,” he said.

In the year, the United States remained Israel’s major export market for polished diamonds, with 39 percent of the total, Hong Kong shared 26 percent of Israel’s polished diamond export pie, Switzerland shared 6 percent, India 5 had a percent share, United Kingdom shared 3 percent and the rest of the world 21 percent. Net polished exports to the US stood at $2.8 billion, Hong Kong $1.9 billion, Switzerland $420 million, India $341 million and the UK $205 million.

Eli Avidar, IDI Managing Director, said “The results are remarkable, but we put this in perspective. In general we don’t rejoice nor do we despair over results. We are cautiously optimistic about the near future and very positive about the long-term forecast for our industry,” said Avidar.

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