Israeli diamonds have experienced major growth over 2011 as an export and imported commodity
Israeli diamond sales thrive
Posted October 18, 2011 | By Aaron Weinman
In positive signs for the industry, the Israeli diamond industry has recorded another increase in sales.
The Israeli diamond industry thrived in the third quarter of 2011, following burgeoning growth in first half of the year. Both import and exports of Israeli polished and rough diamonds experienced double-digit increases, according to figures released by the Israel Ministry of Industry’s diamond controller, Shmuel Mordechai.
The nation’s net export of polished diamonds equated to US$5.83 billion ($5.69 billion) from January through to September this year, a 37.1 per cent increase when compared to the same period in 2010.
In addition, net export figures for rough diamonds rose by 31.8 per cent, recording US$2.98 billion ($2.92 billion) for the period ending September 30 2011.
Meanwhile, Israel’s net imports of polished diamonds increased 48.8 per cent to US$4.17 billion ($4.09 billion) for the first three quarters of 2011, while net rough diamond imports totalled US$3.52 billion ($3.45 billion), an increase of 35 per cent over the same period in 2010.
In a company news release, Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) said the positive results for 2011 are due to a proactive and flexible Israeli industry.
“The impressive recovery of the Israeli diamond industry is the result of very hard work,” Ganz said. “They have been able to suit themselves to the changes in the market and take advantage of shifting trends.”
The United States remains Israel’s largest consumer market for polished diamond exports, purchasing 37 per cent of total exports equalling US$2.13 billion ($2.09 billion).
Asia’s increased consumer interest in polished diamonds continues to grow, with Hong Kong accounting for 29 per cent or US$1.71 billion ($1.15 billion) and Thailand purchasing up to US$114 million ($112 million) (two per cent) of Israel’s exported polished diamonds.
Eli Avidar, IDI managing director believes the increased interest from Asian markets is due to the diamond institute’s presence at the recent Hong Kong September Jewellery show.
“We are seeing more first time participants joining our pavilions, especially in Asian markets,” Avidar said. “We’ve responded to the overwhelming demand by adding more trade shows in new markets (Asia) and I’m certain we’ll have a big response.”
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