Israel’s diamond trade posts strong Q3

Ramat Gan--Israel’s imports and exports of both rough and polished diamonds made double-digit gains through the third quarter, figures published by the Israel Ministry of Industry, Trade and Labor show.

According to Israel’s Diamond Controller Shmuel Mordechai, the net export of polished diamonds totaled $5.83 billion between January and September, a 37 percent year-over-year increase. Net rough diamond exports were up 32 percent to $2.98 billion.

On the import side, net imports of polished diamonds climbed 49 percent to $4.17 billion in the first three quarters of 2011. Net rough diamond imports were up 35 percent to $3.52 billion.

The United States remained Israel’s largest market, consuming 37 percent, or $2.13 billion, of the country’s polished diamond exports. Hong Kong was the second-largest market at 29 percent or $1.71 billion while Belgium was third with $471 million or 8 percent.

Next was Switzerland with $338 million or 6 percent, Thailand with 2 percent or $114 million and the rest of the world at 18 percent, or $1.07 billion.

Moti Ganz, chairman of the Israel Diamond Institute Group of Companies (IDI), said despite the global economic uncertainty he expects the gains to continue through the rest of 2011 due to the ability of the industry to adapt to changes in the market.

IDI Managing Director Eli Avidar added that the Israeli delegation to the recent Hong Kong show was the largest of any country, and that more first-time exhibitors are joining the IDI pavilions, especially in Asian markets.

“We’ve responded to the overwhelming demand by our industry by adding more trade shows in existing markets. In 2012, we intend to add shows in new markets, and I’m certain we’ll have a big response,” he said.