Double digit growth for Israel's 2011 diamond exports and imports

3 January 2012 | By Laura McCreddie

The Israeli diamond industry finished 2011 with a double digit growth in both its import and export trade, despite a slowdown in activity reported in the global diamond trade in the fourth quarter of the year.

Israel’s total net polished diamond exports increased by 23.5% compared to 2011, reaching $7.2bn, while its net exports of rough diamonds rose by 14.9% to $3.5bn.

Imports fared just as well with net polished rising by 34.7% to $5.7bn and net rough up by 17.5% to $4.4bn.

The US remainded Israel’s major export market for polished stones, with 39% of the total, with Hong Kong coming in second at 26%.

“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, chairman of the Israel Diamond Institute (IDI). “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.”

However, Eli Avidar, IDI managing director, said that although the results were good, he was taking a cautious view of the year ahead.

“The results are remarkable, but we put this in perspective. In general we don’t rejoice nor do we despair over results. We are cautiously optimistic about the near future and very positive about the long-term forecast for our industry,” said Avidar.