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Israeli Polished Diamond Exports Up 48% in 2010

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Thursday, January 27th, 2011

As reported in Port2Port:

Net rough diamond exports grew 62.1% to $3.1 billion in 2010, while polished diamond imports rose 68% to $4.2 billion and rough diamond imports grew 51% to $3.8 billion

According to figures published last Tuesday by the Israel Ministry of Industry, Trade and Labor the Israeli diamond industry showed an impressive recovery in 2010, with both exports and imports of polished and rough diamonds recording double-digit growth.

Diamond Controller, Shmuel Mordechai, said in the statement that Israeli exports of net polished diamonds jumped 48.1% to $5.8 billion in 2010 as the industry recovered from the global financial crisis and expanded its presence in Asia. Net rough diamond exports grew 62.1% to $3.1 billion in 2010, while polished diamond imports rose 68% to $4.2 billion and rough diamond imports grew 51% to $3.8 billion.

The United States remained Israel’s largest export market with 41% of total exports, or $2.4 billion. Hong Kong accounted for 25%,$1.487 billion, India 5% ,$264 million, Switzerland 4%, $248 million, China 3%, $177 million, and the rest of the world 22%.

Moti Ganz chairman of the Israel Diamond Institute Group of Companies (IDI) said in a press release that “The Israeli diamond industry is proving its strength and flexibility. We are developing new markets – China and India – while continuing to promote our traditional ones. We can look forward to continued growth in 2011.”