IDI: US diamond market showing signs of recovery

A ring by Geraldo made with Israeli diamonds.

Israeli Diamond Institute says demand is rising in its biggest market.

Israeli Diamond Institute (IDI) chairman Monti Ganz has said the US diamond market is showing signs of recovery.

Ganz said that demands for diamonds is growing in the US, where the IDI claims that about 50% of all diamonds sold are Israeli diamonds and is Israel’s leading export market for polished diamonds. Last year Israel sold US$2.8 million (£1.74bn) of diamonds to the US, representing 40% of its total output.

He added: “The US market is showing recovery and we are pleased to see that the demand for diamonds is growing. We are confident in our ability to continue to be the major supplier of diamonds to the US market.”

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The IDI is exhibiting at trade show JCK in Las Vegas in the US next month, which Ganz decribed as “one of the most important trade shows for our industry”.

Ganz went on to describe the Israeli diamond industry is “an island of stability, in a time of volatility and uncertainty” and said that it has bounced back following the economic crisis. He said: “Our economic stability makes us a very attractive source for diamonds.”

The IDI will launch a new marketing campaign based on this theme of stability with a tag line that reads “Welcome to Israel, where stability reigns”.

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