Israel 2008 Rough Trade Declines to $7.79 Billion

Israel’s net rough diamond imports in 2008 reached $4.48 billion, an 11.9 percent decline from 2007. Net rough diamond exports fell 2 percent to $3.314 billion, according to partial figures released Sunday by the Ministry of Industry, Trade & Labor. Figures by carat were not published.

The global rough diamond trade had a rollercoaster year, with prices rising sharply only to tumble in the last quarter.

Israel did not publish trade data in November and December, reportedly after a request from the local industry. The concern was that publishing negative figures will further affect the gloomy mood in the halls of the diamond exchange.

Subtracting published trade figures in the first ten months of the year from the annual figures reveals that in the November-December period net rough diamond imports totaled $315.5 million, while exports totaled a measly $140.6 million.

This compared to $986.32 million imported in the last two months of 2007 and $1.07 billion exported or a 68 percent drop in imports and a very sharp 86.87 percent drop in exports.