Weak Start for Israeli Diamond Industry, 6.5% Drop in Exports

Polished diamond exports from Israel dropped 6.5 percent to $614 million, compared with $657 million in January 2005. The drop in exports comes at a time when imports to the center rose a dramatic 10.1 percent to $256 million from $233 million.

The weak results follow a very strong performance in 2005. However, disappointing U.S. seasonal sales might be to blame for the hesitancy of the markets to make big purchases. This won’t be clear until the Ministry of Industry, Trade and Employment releases precise figures later this month.

Rough diamond trade also softened. Net rough diamond exports from Israel totaled $274 million in January, an 18.4 percent drop compared to the $336 million worth of exports in January 2004.

Imports to Israel also declined. Israeli traders imported $433 million worth of rough goods into the country, a 19.2 percent drop compared to the same prior year period.