Signs of Recovery for Israel’s Rough Diamond Trade

Israel rough diamond traders were active in September, importing more than one million carats of goods, 3 percent more than the amount imported in September of last year. In terms of value, Israeli imports were worth $248.87 million, a 27.6 percent year-over-year decline. The drop in value reflects the sharp fall in rough diamond prices in the past year, which have just started to recover.

In the first nine months of 2009, Israel imported 8.41 million carats of rough diamonds valued at $1.59 billion, a 30.7 percent decline in volume and 59.8 percent decline in value, according to figures released today (Wednesday) by the Diamond Controller’s office in the Israeli Ministry of Trade, Industry and Labor.

The average value of imports stood at $247.13 per carat for the month of September, and $188.93 p/c for the nine-month, January-September period.

Rough diamond exports of 882,912 carats worth $163.27 million averaged $184.92 in September. In the year-to-date period, exports stood at 9.15 million carats valued at $1.259 billion.

Israel's Diamond Controller Shmuel Mordechai called for government support to the country’s diamond industry, even at the expense of other trade categories. He said such support would help the diamond industry recover sooner rather than later.

Mordechai echoes an earlier call by Israel Diamond Exchange (IDE) President Avi Paz who is urging the government to support the local diamond industry, which is an important component of Israel’s international trade.