Diamond exports up 50% in 2010

Polished diamond exports rose to $5.9 billion.

The Diamond, Precious Stones and Jewelry Administration reports that polished diamond exports rose nearly 50% in 2010, and that rough diamond exports rose 62%. Supervisor of Diamonds Shmuel Mordechai reported that polished diamond exports rose 48.1% to $5.9 billion in 2010 from $3.9 billion in 2009, and that rough diamond exports rose to $3 billion from $1.9 billion.

"2010 was a year of recovery in everything, in both the import and export of rough and polished diamonds. The growth in 2010 is substantial compared with 2008, but is still 6.5% compared with the 2007 figures. Past achievements have not yet been repeated, but we're definitely heading in the right direction. There is a strong chance that we'll reach the targets of 2007 or 2008 in 2011 or 2012," said Mordechai.

Mordechai also pointed to changes in global markets and the switch of Israeli diamond exports to new markets in the Far East. "This is because the Far East suffered a relative light hit from the global economic crisis compared with Western economies," he said.

Mordechai added that efforts to export diamonds to the Far East would continue in 2011, and that diamond companies would open offices and branches in India, China, Hong Kong, and other countries.

Most Israeli diamond exports go to the US; rough and polished diamond exports to the US totaled $2.4 billion in 2010.