Israeli Polished Diamond Exports Rise 20% in May

Israeli imports and exports of polished diamonds continued their rise in May posting an almost 20 percent increase, according to the latest official data. Net polished diamond exports totaled $663 million compared to $554 million in May last year.

Israel has exported $2.81 billion worth of polished diamonds so far this year, an increase of more than 21 percent compared to the January – May period of last year.

Imports of polished diamonds increased modestly during May to $281 million from $274 million during the same month last year.

Diamond controller Udi Sheintal notes that exports during the first five months of the year are encouraging and indicate that markets are steady.

He adds that that most markets are showing growth, mostly the traditional markets. Exports of polished diamonds to the US increased by 15 percent while those to Hong Kong surged by 49 percent and exports to the UK soared by 46 percent.

Of Israel’s total polished exports, 70 percent went to the US, while 12 percent was sold to Hong Kong, followed by Belgium with 7 percent and 2 percent to Switzerland.