Israel’s Rough Diamond Imports Flat, Exports up 20.6%

Israel imported in May 1,260,039 carats of rough diamonds with a declared value of $447.17 million, a 5.7 percent rise in volume and 0.3 percent decrease in value compared to May 2006. The average value of imports was $354.88 p/c (per carat).

The diamond center has increased its rough diamond imports only marginally this year, increasing 1.6 percent in value to $1.923 billion and 22.3 percent in volume to 7,719,025 carats. The average value on rough diamond imports in the first five months of the year was $249.14 p/c.

Exports, however, marked a sharp 20.6 percent rise in value and 52.2 percent increase in weight, totaling $321.07 million on exports of 1,882,416 carats, an average of $170.56.

Due to the cost of polishing, Israeli manufacturers prefer to polish the cheaper goods in places like China, while the more expensive goods are often polished locally. This would explain the difference in the average per carat value of imports and exports.

In the January to May period, Israel exported $1.40 billion worth of rough - a 13.9 percent increase.