Israeli Polished Diamond Exports Continue Slump
March 06, 06
Polished diamond exports from Israel continue to sag, dropping 7.8 percent in February to $611 million. In January, polished diamond exports fell 6.5 percent after jumping 11.4 percent in December.
The two month drop in exports led to a total decline of 6.9 percent to $1.229 billion compared to $1.32 billion in January – February 2005.
Net polished diamond imports in February declined 3.1 percent to $315 million from $325 million last year. Diamond Controller Shmuel Mordechai notes that it is early in the year and too soon to conclude about full 2006 performance.
The U.S. is the leading destination of the Israeli market, taking in about 57 percent of total exports, followed by Hong Kong (22 percent), Belgium (7 percent) and Switzerland (3 percent).