2005

Israel's Polished Diamond Exports Up 14.4% in 2004

February 2005

The Israel diamond industry ended 2004 with an increase in both exports and imports, according to statistics reported by the Israel Ministry of Industry, Trade and Labor’s Diamond Controller. Net polished diamond exports rose 14.4 percent, to reach an all-time high of $6.33 billion, compared to $5.53 billion in 2003.

Net imports of rough diamonds totaled $5.150 billion in 2004, compared to $3.89 billion in 2003, an increase of 32.4 percent. Rough diamond exports rose 31 percent in 2004, to reach $2.92 billion, up from $2.23 billion in 2003. Israel’s imports of polished diamonds increased 4.6 percent in 2004 to reach $3.56 billion, compared to $3.41 billion in 2003.

The major market for Israel’s polished diamonds in 2004 remained the United States, which imported 67% of the stones. Interestingly, the increases came as Israel’s diamond industry pursued greater independence from the Diamond Trading Company. Rough diamond imports from the DTC were $932 million in 2004, representing 18% of total rough imports, compared to 22% in 2003.

“Through concerted efforts by the heads of the industry, we have been able to diversify our sources of rough diamonds, which enabled us to increase rough imports by over 32%,” said Simcha Lustig, chairman of the Israel Diamond Institute.