Israel Polished Diamond Exports Up 7%

Israel’s diamond trade figures for 2007 showed a substantial rise in all areas, making 2007 the best year ever, according to the Israeli Diamond Industry.

According to figures released by Shmuel Mordechai, Israel’s diamond Ccntroller in the Ministry of Industry, Trade and Labor, net polished diamond exports in 2007 totaled just over $7 billion, a 7 percent rise over the 2006 total of $6.6 billion.

Net exports of rough diamonds for the year amounted to $3.386 billion, compared to $2.699 billion in 2006, an increase of 25.5 percent.

Net imports of polished diamonds for 2007 climbed $4.5 billion, compared to $4.2 billion in 2006, a rise of 13.3 percent.

Net imports of rough diamonds in 2007 stood at nearly $5.1 billion, an 8 percent increase over the 2006 figure of $4.7 billion.

The United States remained the largest market for Israel’s polished exports accounting for 53 percent of the total, compared to 63 percent in the previous year. Hong Kong imported 19 percent, compared to 16 percent in 2006; Belgium 8 percent, Switzerland 6 percent, and India 2 percent.

Net polished exports to the U.S. stood at $3.7 billion, Hong Kong $1.3 billion, Belgium $562 million, Switzerland $429 million, and India $109 million.

“The world diamond industry is undergoing major changes—in rough supply, in manufacturing locations, and the awakening of new consumer markets,” said Moti Ganz, Israel Diamond Institute chairman. “I am pleased to say that the Israeli Diamond Industry is proving its strength by adjusting to these changes successfully. While 2008 promises to be a challenging year, I am confident Israel will maintain its position as a leading player in the world diamond arena.”