Israeli diamond exports enjoy double-digit growth

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Figures show ‘remarkable’ increase to Q3 compared to 2010.

The Israeli diamond industry is enjoying continued remarkable growth in the third quarter of 2011, following a successful H1.

According to figures published by the Israel Ministry of Industry’s diamond controller Shmuel Mordechai. The figures show double-digit growth in exports and imports of both polished and rough diamonds.

Israel’s net export of polished diamonds from January through September 2011 reached a value of $5.83 billion (£3.69bn), a rise of more than 37% compared to the first three quarters of 2010.

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Net rough diamond exports stood at $2.98 billion (£1.89bn), a rise of 31.8%.

The United States remains Israel’s largest market for its polished diamond exports, accounting for 37% of total exports. With Asia a growing market, Hong Kong accounted 29% of exports, Belgium 8% and Switzerland 6%.

Israeli diamonds are also increasing in exports to Thailand, which between Q1 and Q3 totalled $114 million (£72m) or 2% of total exports.

Moti Ganz, chairman of the Israel Diamond Institute Group of Companies (IDI) said that the positive results in 2011 are the result of “the dynamism, flexibility and forcefulness of the Israeli industry”.

“The impressive recovery of the Israeli Diamond Industry is the result of very hard work on the part of the industry. They have been able to suit themselves to the changes in the market, and to take advantage of shifting trends. Despite the current uncertainty I am very hopeful that the full year figures will continue this positive trend,” Ganz said.

The Israeli delegation to the Hong Kong show in September was said to be the largest of any country present. The IDI said it is seeing more first-time participants joining its pavilions from the Asian markets, and has responded to demand by showing at more trade shows. It will continue to increase its presence at trade fairs during 2012.

 

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