Polished Diamond Exports from Israel Up 11.7% in January

Polished diamond exports from Israel rose to $591 million in January, an 11.7 percent rise over January 2003. Net polished imports into the country stood at $207 million, same as last year.

The bulk of the exports, 68 percent, were shipped to the U.S., 9 percent to Hong Kong, 8 percent to Belgium and 3 percent to Switzerland and Japan.

Rough diamond imports shot up dramatically by 54 percent to $398 million, compared with $258 million during January 2002.

Net rough exports in January increased even more dramatically to $268 million compared to $152 million the year before – a whopping 76 percent increase.

Diamond Controller Udi Sheintal expressed optimism in regards to the increase in rough imports in light of the difficulties in finding rough diamonds and the shortage that emerged in the market last year.

Sheintal adds that some of the rough imported into the country, mostly those goods that are not profitably polished in Israel, are exported for polishing in other countries.

Those goods will be retuned to Israel in a few months after being polished in countries with lower labor costs.