Israeli Diamond Exports Register Another Boost

Export of polished diamonds from Israel registered another increase last month as net exports totaled $538 million, a 13 percent leap compared to $447 million in polished exports during March of last year.

Israeli polished diamond exports have been continuously rising in the past months, posting a 14 percent growth since the start of the year with $1.721 billion in exports. During the first quarter of last year the center exported $1.509 billion.

The country imported $310 million worth of polished goods in March, a 6 percent increase over $292 million in imports last March.

Diamond Controller Udi Sheintal credits the rise to increased demand in the U.S., West and East Europe and Southeast Asia.

The U.S. was the destination of 70 percent of polished diamond exports followed by Hong Kong with a 10 percent share and Belgium with 7 percent.

Export of rough diamonds from Israel naturally saw a growth sprout too, leaping by 48 percent to $230 million in March from $156 million.

Not surprising, import of rough diamonds also grew, totaling $415 million compared to $294 million last March, a 41 percent growth. Despite a rise in prices and the shortage felt in 2003, rough diamond imports to Israel increased by 51 percent.