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Israel's Polished Diamond Exports -22% in 2012
Jan 3, 2013 4:58 AM
By Avi Krawitz
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RAPAPORT... Israel’s polished diamond exports fell 23 percent year on year to $5.56 billion in 2012, the Israel Ministry of Industry, Trade and Labor reported.
Shmuel Mordechai, Israel’s diamond comptroller, noted that the negative trend was strongest in the first half of the year, while trading improved from August forward. He added that barring any global crisis, Israel diamond trade should continue to improve in 2013 and return to levels attained in 2011.
Mordechai noted that Israel’s exports to the U.S., its largest market, were at their lowest point in years. Polished exports to the U.S. fell 27 percent to $2.04 billion in 2012, while polished exports to Hong Kong declined 16 percent to $1.59 billion.
Israel’s total polished imports decreased by 25 percent to $4.27 billion during the year. The country’s net polished exports, representing the excess of exports over imp0orts, fell 15 percent to $1.29 billion.
Israel’s rough diamond imports dropped 13 percent to $3.83 billion, while rough exports dropped 20 percent to $2.8 billion. Net rough imports, representing imports less exports, rose 15 percent to $1.03 billion.
Israel’s 2012 net diamond account declined 58 percent to $262 million.
Mordechai stressed that the local industry needs to find new sources of rough supply in order to compete with other trading centers.
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Tags:
Avi Krawitz, Israel
Diamonds
Rapaport
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