Israeli Diamond Exports Make Their Way to U.S. Diamond Market
1990: Israeli Diamond Exports Would Exceed $4.25 Billion Record
The combined effect of the business slowdown which accompanies the Jewish High Holiday season and the turmoil in Hong Kong and Southeast Asian countries is being blamed for the 39% drop in Israel’s net exports of polished diamonds for the month of October.
The negative news was also seen reflected in a similar slide in the the Israeli diamond industry workforce from 8,000 over one year ago to 6,500 at present.
On the positive side, Israel’s exports of polished diamonds rose from $3.523 billion to $3.394 billion (about 3.8%) for the first 10 months of the year.
Meanwhile, Israeli exports of rough diamonds were also up some 21% to $801 million since the start of the year.
Moreover, at the second of the bi-annual meetings between the Israel Diamond Manufacturers Association (IsDMA) and the CSO, IsDMA, president Yigal Hausman projected that 1997 polished exports would reach a record $4.25 billion.
The IsDMA also noted that 50% of all Israeli polished exports now go to the U.S. This is perhaps not so much because of a sharp rise of exports to the U.S. but rather due to a decline in the Far East and the Belgian transit market.