Polished Israeli Exports Flat in November

Net polished diamond exports from Israel totaled $735 million, a 0.2 percent decline compared to exports of $736 million in November 2005. Israeli diamond traders have been warning for some time that polished diamond exports are not growing as expected, expressing concern as the end of the year is approaching.

Polished diamond exports during the first eleven months of the year totaled $6.277 billion, a 9 percent decline compared to $6.334 billion in net exports in the January - November 2005 period.

During the eleven month period this year, exports to Israel’s main market, the U.S., have declined 2 percent, but they still comprise 61 percent of total exports. Exports to Belgium decreased 5 percent.

Conversely, polished exports to Hong Kong, the U.K., and Switzerland have risen 8, 5, and 3 percent respectively.

Diamond controller Shmuel Mordechai said he expects 2006 exports to be close to 2005 figures, with a possible slight increase.

Imports of polished diamonds did rise. Net imports in November totaled $365 million, increasing 2.6 percent from $355 million last November.