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Israel’s Polished Diamond Exports Play Vital Role in Economy

2002: Israel’s Polished Diamond Exports Affect Global Economy

March 2002

In a welcome burst of good news to start the year, Israel’s strong polished diamond export figures lead industry insiders to predict a double-digit export increase for 2002.

Israel’s diamond industry reported an upsurge in polished diamond exports.

Figures published for January by the Diamond Controller of the Ministry of Industry and Trade point to arise of 19.5 percent in polished exports in dollar terms over the same period in 2001, totaling $556.6 million.

Gross exports to the U.S.—Israel’s largest market for exports—rose to $522.9 million, compared to $443.3 million in 2001, following better than expected holiday sales.

Industry leaders in Israel say that the January figures are evidence of the trend toward economic recovery worldwide.

"I am confident that Israel's diamond industry is now on the track towards renewed growth. I foresee a significant increase - up to 15 percent -- in polished diamond exports during the year," said Moshe Schnitzer, Chairman of the Israel Diamond Institute.


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