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Israel's polished exports to U.S. drop in 2007

January 03, 2008

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Ramat Gan, Israel—Israel's diamond-trading figures for 2007 show substantial increases over 2006, with net polished-diamond exports up 7 percent.

But the percentage of polished-diamond exports to the United States dropped, from 63 percent of the global market in 2006 to 53 percent in 2007.

The United States does remain the largest market for Israel's polished-diamond exports, however, with net polished exports to the nation standing at $3.73 billion in 2007, compared with $1.31 billion to Hong Kong, $562 million to Belgium, $429 million to Switzerland and $109 million to India.

Israel Diamond Exchange President Avi Paz said in a statement that despite the decrease in sales to the United States, Israel diamantaires have overall succeeded by dispersing their sales to additional markets.

"The distribution of polished-diamond exports over a wide base of markets is very important for the Israeli diamond industry," Paz said. "We have targeted China and India for the coming year since they have the greatest potential for future growth. Japan is also a very important market for our industry."

According to figures released today by Shmuel Mordechai, Israel's Diamond Controller in the Ministry of Industry, Trade and Labor, net polished-diamond exports in 2007 totaled $7.08 billion, rising from $6.61 billion the year before.

The percentage of net rough-diamond exports rose even more, from $2.70 billion in 2006 to $3.39 billion in 2007, an increase of 25.5 percent.

Net imports of polished diamonds for 2007 rose 13.3 percent, from $4.24 billion in 2006 to $4.56 billion in 2007, and net imports of rough diamonds also increased, from $4.71 billion in 2006 to $5.08 billion in 2007, an 8 percent shift.
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Business | Imports and Exports | Trade

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