Wednesday, January 4, 2012

Double Digit Growth in Israel’s Diamond Exports and Imports in 2011

Ramat Gan, Israel, January 3, 2012: The Israeli Diamond Industry concluded 2011 with double-digit growth in exports and imports. This was achieved despite a slowdown in activity reported in the global diamond industry in the fourth quarter of 2011.

Israel’s total net polished diamond exports increased 23.5% in 2011 over 2010, reaching $7.2 billion. Net exports of rough diamonds rose 14.9 % in 2011 to reach $3.5 billion. Net imports of polished diamonds in 2011 jumped 34.7% to 5.7 billion. Net imports of rough diamonds were up 17.5% over 2010 to $4.4 billion.

The United States remained Israel’s major export market for polished diamonds, with 39% of the total. This was followed by Hong Kong 26%, Switzerland 6%, India 5%, United Kingdom 3% and the rest of the world 21%.

Net polished exports to the US stood at $2.8 billion, Hong Kong $1.9 billion, Switzerland $420 million, India $341 million and the UK $205 million.

Moti Ganz, Chairman of the Israel Diamond Institute (IDI), said that 2011 was in all a very good year for the Israeli Diamond Industry. “The year 2011 began with record growth in the first three quarters in all parameters, balanced out to some degree by a worldwide slowdown later in the year. In 2011 we have exceeded our polished diamond export figures of 2007, which stood at $7.1 billion before the start of the economic crisis. This is clear testimony to the strength and vitality of the Israeli Diamond Industry,” he said.

Eli Avidar, IDI Managing Director, said that the gratifying results of 2011 will better position the Israeli Diamond Industry to face the challenges of 2012. “The results are remarkable, but we put this in perspective. In general we don’t rejoice nor do we despair over results. We are cautiously optimistic about the near future and very positive about the long-term forecast for our industry,” said Avidar.

Source: israelidiamond

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