Israel’s Q1 Polished Diamond Exports Fall to $935 Million (Updated)

As expected, Israel’s polished diamond exports sank in the first quarter of 2009, as difficult economic conditions harmed demand for diamond jewelry in the consumer markets.

According to data collected by the Diamond Controller’s office, net polished diamond exports in the quarter totaled $935 million, falling 56.7 percent from $2.158 billion exported in the first three months of 2008.

Based on data published by the Central Bureau of Statistics, Israel exported $305.7 million worth of polished diamonds in January, $309.2 million in February and $320.1 million March. Exports in March fell 46.6 percent from $599.7 million in March 2008.

Net polished diamond imports in the quarter reached $408 million, dropping 61.5 percent from $1.059 billion exported in the first quarter of 2008.

On a monthly basis, net imports were $143.3 million in January, $203.3 million in February and only $61.4 million in March. In March 2008.

The U.S. was Israel’s leading export market, destination of 44 percent of the goods, followed by Hong Kong (26%), Switzerland (12%) and Belgium (8%).