Polished Diamond Exports from Israel Shoot Up 60%

Net polished diamond exports from the Israeli center surged dramatically in April, growing by 60 percent to $425 million from $265 million during April of last year.

Net polished diamond exports from the start of the year reached $2.148 billion by the end of April, compared to $1.775 billion during the comparable period last year, a 21 percent rise.

Polished imports to Israel totaled $225 million in April, a more modest rise of 1.4 percent over $222 million.

According to Diamond Controller Udi Sheintal, there are a number of reasons for the great surge. April 2003 was exceptionally slow, with a 40 percent drop in exports from Israel, due to uncertainty in the diamond industry because of the war in Iraq and the outbreak of SARS in Hong Kong and other countries in Asia.

In addition, Sheintal notes that first quarter 2004 data are encouraging and indicate steadiness and increases in most of the world markets, mostly the traditional ones.

Since the start of the year a 15 percent rise in exports to the U.S. was registered, together with a 34 percent rise in exports to Hong Kong, a 17 percent climb in exports to Switzerland, about 10 percent increase to Belgium and about 39 percent surge in exports to the U.K.

In April 63 percent of exports were exported to the U.S., 12 percent to Hong Kong, 8 percent to Switzerland and 7 percent was sent to Belgium.