Israel Diamond Trade Picks Up In Q3

Israel’s third quarter diamond trade figures point to signs of recovery, according to Ministry of Industry, Trade and Labor Diamond Controller Shmuel Mordechai, who published figures for the first nine months of 2012.

Israel’s net polished diamond exports were $4.34 billion for the first three quarters of the year, compared to $5.83 billion for the same period last year, a decline of 25.6%.

Mordechai said that the dramatic decrease in diamond exports and imports in the second quarter of 2012 seems to have been stemmed, and there are early signs of increased trade activity.

Net rough diamond exports totaled $2.07 billion for the first nine months of 2012, compared to $2.98 billion, a 30.6% decrease.

Net imports of rough diamonds were $2.65 billion, compared to $3.514 billion for the same period last year, a 24.7 % drop.

Net polished imports stood at $3.08 billion, 26.1 % less than in the first three quarters of 2011, when they totaled $4.17 billon.

Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) said that the Israeli industry was still affected by the world economic situation, but was seeing a marked trend toward greater activity. “Judging by the last two important trade shows, in Mumbai and Hong Kong, we are definitely seeing an upward movement in the diamond trade. Though we still have some way to go before we reach last year’s figures, which were Israel’s best ever, I am confident that the positive trend will continue through the rest of the year,” Ganz added.