Double Digit Growth for Israel’s Diamond Exports and Imports in 2011

Israel Diamond Institute

The Israeli Diamond Industry reports that it concluded 2011 with double-digit growth in exports and imports. This was achieved despite a slowdown in activity reported in the global diamond industry in the fourth quarter of 2011.

Israel’s total net polished diamond exports increased 23.5 percent in 2011 over 2010, reaching $7.2 billion. Net exports of rough diamonds rose 14.9 percent for the year to $3.5 billion. Net imports of polished diamonds in 2011 jumped 34.7 percent to 5.7 billion while net imports of rough diamonds were up 17.5 percent over 2010 to $4.4 billion.

The United States remained Israel’s major export market for polished diamonds, with 39 percent of the total. This was followed by Hong Kong 26 percent, Switzerland 6 percent, India 5 percent, United Kingdom 3 percent and the rest of the world 21 percent.

Net polished exports to the US stood at $2.8 billion, Hong Kong $1.9 billion, Switzerland $420 million, India $341 million and the UK $205 million.

“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 Moti Ganz, Israel Diamond Institute chairman. “In 2011 we have exceeded our polished diamond export figures of 2007, which stood at $7.1 billion before the start of the economic crisis. This is clear testimony to the strength and vitality of the Israeli Diamond Industry.”