Israeli Polished Diamond Exports Decline 19%
November 02, 04 by Edahn Golan
Net polished diamond exports from Israel declined 19 percent in October to $477 million, down from $591 million in October 2003. Despite the dramatic drop, annual polished exports are nonetheless on the rise.
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Polished diamond exports
from Israel registered its
first decline this year
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Up to the end of October, Israel exported $5.355 billion in polished diamonds, up 15 percent from last year when exports totaled $4.664 billion in the January-October period.
However, imports of polished diamonds to the center increased 11 percent to $323 million in October, up from $290 million last year.
Diamond Controller Shmuel Mordechai says the drop in exports is a result of many traders being on holiday vacation, while stocks sent to shows in Hong Kong and Italy last month have returned.
Exports to the U.S. are on a continued rise, up 17 percent according to Mordechai. Exports to Hong Kong are rising too, up 36 percent so far this year, while exports to Belgium rose 20 percent and to the U.K. by 36 percent
As the holiday season approaches its peak, 71 percent of exports in October were shipped to the U.S., while 10 percent went to Hong Kong, 9 percent to Belgium, 3 percent to Switzerland and 2 percent to the U.K.
