Israel Polished and Rough Diamond Exports Decline in 2006

Exports of polished diamonds from Israel in 2006 totaled $6.61 billion, that’s a 1.5 percent decline compared to 2005, according to Israeli diamond controller, Shmuel Mordechai. Rough diamond exports fell a sharp 23.2 percent to $2.701 billion from $3.517 billion in 2005.

Export of polished diamonds in December totaled $334 million. Net polished imports during the month were valued at $514 million. Net imports of polished diamonds to Israel during the entire year rose 3.3 percent to $4.025 billion.

According to Mordechai, the Israeli diamond industry was able to maintain its exports at levels close to the previous year despite a very challenging year.

At $3.984 billion, polished exports to the U.S. accounted for 60 percent of Israeli polished diamond exports in 2006. Hong Kong, received 15 percent of Israel’s exports, $986 million worth of polished during the year. Exports to Belgium totaled $455 million, Switzerland with $328 million, and the UK at $160 million.

Israel’s rough diamond imports slid 11.4 percent to $4.709 billion in 2006. According to Mordechai, the Israeli Diamond Institute is working on holding an international rough diamond seminar in the fourth quarter of the year.

Aber opened a rough diamond sales office in Israel recently and De Beers’ Diamdel is creating a global sorting center in the country. Russian diamond miner Alrosa is expected to open a sales office in Israel sometime in 2007.

At the other end of the pipeline, jewelry exports from Israel stood at $380 million. According to the Controller’s office, a 50 percent rise in silver and fashion jewelry exports is the result of a wider range of products.