Israel Sees Double Digit Growth in 2011 Diamond Exports, Imports

The Israel Diamond Institute (IDI) in Ramat Gan, Israel, announced today that 2011 saw double-digit growth in exports and imports over the previous year.

Net polished diamond exports rose 23.5 percent over 2010, reaching $7.2 billion, and net exports of rough diamonds rose 14.9 percent, totaling $3.5 billion. Net imports of polished diamonds rose 34.7 percent to $5.7 billion, and net imports of rough diamonds increased 17.5 percent to to $4.4 billion.

The United States remained Israel’s top export market for polished stones, accounting for 39 percent of the total, or $2.8 billion. Other markets include Hong Kong (26 percent, or $1.9 billion), Switzerland (6 percent, or $420 million), India (5 percent, or $341 million), and the United Kingdom (3 percent, or $205 million). Remaining countries globally account for the rest of the sales, according to IDI data.

“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 IDI chairman Moti Ganz in a statement.

Meanwhile, Eli Avidar, IDI managing director, stated in the same release that the final figures of 2011 better position the industry to face the new year. “The results are remarkable, but we put this in perspective,” he said. “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.”