Israel’s Diamond Exports See Slight Rise in 2014
January 05, 15
(IDEX Online News) – Despite facing some challenges in 2014, including a world credit crunch, high rough prices and a loss of business during Operation Protective Edge last summer, the Israel diamond industry ended the year with an increase of $160 million over 2013 for total rough and polished exports.
The country’s total combined exports of polished and rough diamonds stood at $9.324 billion in 2014 compared to $9.166 billion in 2013, according to figures published by Israel’s diamond controller, Shmuel Mordechai.
Net polished diamond exports totaled $6.269 billion, an increase of 0.6 percent over the previous year.
Net rough diamond exports totaled $3.061 billion, compared to $2.938 billion in 2013, an increase of 4.2 percent.
Net imports of polished diamonds stood at $4.514 billion, compared to $4.309 billion in 2013, a growth of 4.8 percent. Net rough diamond imports totaled $4.022 billion, compared to $3.990 billion in 2013, an increase of 0.8 percent.
At 38 percent, the United States remained Israel’s major polished market, with exports totaling $2.371 billion. Hong Kong was the next largest market with 29.74 percent of exports or $1.864 billion. Belgium accounted for 8.5 percent or $532 million; Switzerland accounted for 6.47 percent with exports of $405 million. The UK accounted for 3.74 percent, totaling $234 million.
Moti Ganz, chairman of the Israel Diamond Institute Group of Companies (IDI) said 2014’s results mainly reflected the serious challenges faced by the global diamond industry, and expressed confidence that the industry would show continued growth in 2015.
IDI managing director Eli Avidar said that the industry had been very active in marketing in 2014, and that IDI was planning to broaden these activities in the coming year, with “fresh initiatives in new and existing markets.”