2007 recorded as best year for IDI

Polished diamond exports were up by 7%,, rough exports by 25%
2007 recorded as best year for IDI

The Israeli Diamond Industry noticed the year 2007 as the best year for its trade, as all aspects of the trade experienced a considerable rise in figures. The net polished diamond exports in the year scaled up by 7% to value at $7.076 billion over 2006. The net exports of roughs hiked by a whooping 25% to amount to $3.386 billion, compared to $2.699 billion in 2006. the figures were released by Shmuel Mordechai, Israel’s Diamond Controller in the Ministry of Industry, Trade and Labor.

The United States continued as the largest importer for IDI’s polished exports, although in 2007 it accounted for 53% ($3.731 billion ) as against 63% in 2006. Hong Kong imported 19% ($1.310 billion), compared to 16% in 2006; Belgium 8% ($562 million), Switzerland 6% ($429 million). India accounted for only 2% ($109 million). Net imports of polished diamonds rose by 13.3 percent to $4.558 billion. It was $4.240 billion last year. Net imports of roughs expanded by 8 percent increase to $5.084 billion, while in 2006 it was $4.709 billion.

Israel Diamond Institute (IDI) Chairman Moti Ganz said, “The world diamond industry is undergoing major changes -- in rough supply, in manufacturing locations, and the awakening of new consumer markets. I am pleased to say that the Israeli Diamond Industry is proving its strength by adjusting to these changes successfully. While 2008 promises to be a challenging year, I am confident Israel will maintain its position as a leading player in the world diamond arena.”

IDI Managing Director Eli Avidar cited the steps taken by Israeli Diamond Industry, in meeting the challenges of the global industry. IDI had during the year formed strategic tie-ups with China and had opened an IDI Asia Pacific in Hong Kong, along with launching the first Chinese language portal site of any diamond center. It had also initiated ties with African rough producing countries and signed a Memorandum of Understanding with the Government of Liberia. The IDI is now organizing The Third International Rough Diamond Conference between February 11 and 12 in Tel Aviv, as THE event in the rough diamond calendar of 2008.


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