Israel’s Polished Diamond Exports Up 23.5% in 2011

Israel exported a net of $7.2 billion worth of polished diamonds in 2011, according to statistics released today (Tuesday) by the country’s Ministry of Industry, Trade and Labor. This represented an increase of 23.5 value over 2010.

In total, the country exported 3.31 million carats of polished diamonds during the 12-month period, an increase of 4 percent year-over-year.

In terms of polished imports, the country brought in 3.48 million carats during the year, up 18.2 percent over 2010, for a total of $5.68billion, a 34.7 percent increase over the level of imports in 2010.

While the figures for the year showed a healthy increase over 2010, the figures for December were less buoyant, especially when it came to exports.

Net polished exports saw double-digit drops in terms of both volume and value. For the month, the volume of net exports fell 21.6 percent to just over 200,000 carats while the value figure slumped 32.9 percent to $295,615.

Israel imported 323,914 carats during December, with a total value of $557,414. By volume, imports increased 14.6 percent over the previous month and experienced an almost identical – 14.5 percent – rise in terms of value.

Israel’s biggest trade partners for polished diamond exports during the year, in terms of value, were the U.S., which received 47.4 percent of exports, Hong Kong and Switzerland.

“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,” said Moti Ganz, chair of the Israel Diamond Industry.

“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.”

According to the IDEX Online Index, the average price of polished diamonds has increased by 20.1 percent since December 31, 2007. In the past, year prices have increased by 17 percent after tumbling during the 2008 economic crisis.

Source: IDEX