Israel's polished diamond exports for the year 2008 decreased by 12 percent to $6.24 billion and polished imports slipped down by 4 percent to $4.38 billion. Israel’s net polished exports (excess of exports over imports) decreased by 26 percent to $1.86 billion.

The rough trade was neither better. Rough imports declined by 12 percent to $4.48 billion, and rough exports by 2 percent to $3.31 billion. The country’s net rough imports (rough imports exceeding exports), dropped by 32 percent to $1.17 billion. Overall, Israel’s 2008 net diamond account (calculated as net polished exports less net rough imports) showed a fall of 15 percent to $693 million.

The country’s major exports were dependent on the US, hence the drastic fall in trade. In 2008, Israel exported 43 percent of its polished diamonds to US, 23 percent to Hong Kong, 9 percent to Belgium, 8 percent to Switzerland, 8 percent and 3 percent to UK. The severe global financial crisis causing a major drop in Israel’s diamond trade, led the country’s diamond industry to refrain from publishing its November results.