Israeli Polished Diamond Exports Rise, But Not To U.S.

Exports of Israeli polished diamonds increased 9 percent to $730 million in November, compared to $670 million in November 2004. The rise comes despite a decline in exports to the U.S., Ramat Gan’s main export destination.

While exports to the U.S. declined, exports to other destinations rose sharply since the start of the year, most notably to Switzerland – a rise of 66 percent. Diamond exports to Hong Kong increased 18 percent during the period, a 9 percent increase to Belgium was noted as well as a 3 percent increase in exports to Japan.

Hong Kong is Israel’s second most important diamond destination, taking 11 percent of total polished diamond exports in November (13 percent during the 11 month period), followed by Belgium with a 10 percent share (7 percent) and Switzerland with 3 percent (4 percent).

Polished imports were also on the rise during the month, totaling $356 million, up 8 percent from $330 million last year.

The Israeli Diamond controller, who released the figures, hasn’t yet released by-carat data. Those figures are expected to be published by tomorrow.