Israel’s diamond industry showed significant growth in August and in the first eight months of 2004, according to statistics reported by the Israel Ministry of Industry, Trade and Labor’s Diamond Controller, Shmuel Mordechai.

Net exports of polished diamonds from Israel rose 21.1% to reach $402.5 million, compared to $332.3 million in August 2003. During the first eight months of the year net polished exports grew 21.2%, reaching $4.327 billion, compared to $3.570 billion in the same period in 2003.

Imports of rough diamonds also continued to climb, rising 35.3% in August to $481.9 million, compared to $356.1 million in August 2003. Since the beginning of the year rough diamond imports rose 38.1% to reach $3.455 billion, compared to $2.502 billion for the same period in 2003. Rough diamond exports from Israel rose 40.8% in August to reach $248.5 million, up from $176.5 million in August 2003. For the first eight months rough diamond exports increased 43.5% to $2.045 billion, up from $1.424 million for the same period in 2003.

Israel’s imports of polished diamonds rose 27.6% in August 2004 to reach $305 million, compared to $239.0 million for the month last year. Since the beginning of the year they rose 9.9% to reach $2.190 billion, up from $1.993 billion for the same period in 2003.

The major export markets for Israel’s polished diamonds in August were the United States with 71%, Hong Kong 12%, Belgium 8%, England 2% and Switzerland 2%. Since the beginning of the year exports to the U.S. rose 19%, to Hong Kong 47%, Belgium 17%, England 47% and Switzerland 3%.

JCK