Israel Rough Diamond Imports $217 Million in September

(IDEX Online News) - Israel’s rough diamond trade was mixed in September, a time when prices are still high, but the price of resultant polished is not rising with it. The country imported a net of $217.1 million worth of rough, a 13 percent decline from last year. While September was weak, trade so far in 2010, increased.

Rough diamond imports of 854,626 carats are a 15.1 percent decline from September 2009. The average value of imports, $254.01 per carat, is a 2.4 percent increase, according to figures released today (Tuesday) by the Ministry of Industry, Trade and Labor.

In the first nine months of the year, net imports of 12.1 million carats worth $2.6 million are up 43.7 percent and 64.3 percent respectively. The average value of these imports increased 14.3 percent to $215.82 p/c.

Rough diamond exports of 560,985 carats fell 36.6 percent but the value of exports increased 7.9 percent to $175.7 million in September. The average value of the month’s exports shot up 70.2 percent to $313.14 p/c compared to the previous year.

Israel is an important rough trading center; tough most of its manufacturers have transferred their polishing facilities out of the country, mostly to China, Thailand and Botswana.

Israeli Sightholders, other major traders and even De Beers’ Diamdel still import their goods to Israel where they are sorted, cleaned and sold before being shipped to other diamond centers.

The weak September figures, especially in light of the nine month trade figures, do not reflect the general rough diamond trading activity in Israel. The figures more likely echo a general sentiment in the global markets and the extended time off Israelis took during the Jewish holiday period.