Israel: A 20% Drop in Polished Diamond Exports in October

Exports of polished diamonds from Israel in October dropped 20 percent to $384 million, from $480 million in October 2004. The drop is explained by the very few working days during the past month that was full of Jewish holidays.

Usually the holiday period is a festive time, but this year the Jewish calendar placed holidays in the middle of the each of month’s working weeks creating a serious clog.  Many Israelis worked only 12 days last month.

Exports since the start of the year totaled $5,584 million, growing 4 percent compared to the January – October period last year when exports totaled $5,359 million.

Exports to the U.S. ahead of the holiday season decreased 4 percent but still made up 62 percent of total exports during the month. Israeli polished exports to Switzerland nearly doubled to $38 million, 10 percent of exports.

Polished diamond imports in October of $264 million declined 18 percent from $323 million.