Israel's Diamond Exports Set to Fall by ~25% in 2012

(IDEX Online News) – Israel's diamond exports declined in November, reflecting the ongoing slowdown in the global diamond industry. Net polished diamond exports totaled $500.1 million, plunging 40.6 percent year-over-year.

Compared to October of this year, net polished exports fell 21.1 percent, based on figures published by the country's Central Bureau of Statistics (CBS).

In the first 11 months of 2012, Israel exported $5.51 billion worth of polished diamonds, a 23.4 percent decline compared to the January-November period of 2011.

Because of the lower demand for polished, demand for rough diamonds also declined. Net rough diamond exports of $230 million in November fell 9.7 percent compared to October and 13.1 percent compared to November 2011.

In the year-to-date period, net exports of rough diamonds dropped 24.8 percent to $2.53 billion.

Overall diamond imports (rough and polished) to Israel stood at $674.3 million in November, an 18 percent year-over-year decline.

CBS does not publish the volume of diamond trade.

Source: Based on CBS figures