Israel's diamond exports drop in '08

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Israel's diamond exports drop in '08

January 08, 2009

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Ramat Gan, Israel--The Israeli diamond industry reported a drop in both polished- and rough-diamond exports in 2008, with the global economic crisis hitting the diamond-trading center hard in the second half of the year.

According to a release issued on Thursday by the Israel Diamond Institute, figures issued by the Israel Ministry of Industry, Trade and Labor show that net polished-diamond exports declined 11.8 percent in 2008 to $6.24 billion, compared with $7.07 billion in 2007.

Net rough-diamond exports totaled $3.31 billion in 2008, a 2 percent decline from $3.38 billion in 2007.

The United States remains Israel's top export market, consuming 43 percent of Israeli diamonds, followed by Hong Kong at 23 percent, Belgium at 9 percent, Switzerland at 8 percent and the United Kingdom at 3 percent.

Israeli diamond industry leaders said that even though 2008 started out as a very favorable year, the country was hard hit by the decline in demand in major export markets toward the end of the year, when the world economic crisis took hold.

However, Moti Ganz, chairman of the Israel Diamond Institute Group of Companies (IDI) and president of both the Israel Diamond Manufacturers Association and the International Diamond Manufacturers Association, said the Israeli diamond industry is sound and will be able to weather the economic slowdown.

"This is a strong industry that is known for its outstanding professionalism and skill. It has shown impressive growth over the years and has proven its resilience and resourcefulness through many global changes," he said. "While we expect these difficulties to continue for some months, we know that the industry will rally and return to its former growth rates."

In the meantime, Ganz said diamond manufacturers worldwide need to exercise self-discipline, buying only rough that is needed and avoiding speculative purchases in the hopes that prices will increase.

Avi Paz, president of the Israel Diamond Exchange and the World Federation of Diamond Bourses, said, "We foresaw the slowdown early on and immediately began to take steps to deal with its effects. We are working through a number of different channels to help the Israeli industry weather the crisis."

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