Israel’s Polished Exports Slump in 1Q

RAPAPORT… Israel’s polished-diamond exports declined 33% to $1.16
billion in the first quarter of 2018, the nation’s Ministry of Economy and
Industry reported this week.

By volume, outbound polished-diamond shipments fell 1% to
496,783 carats after returns of goods. The average price for polished exports
decreased 32% to $2,328 per carat.

Polished imports rose 7% to $747.2 million, while net
polished exports — representing exports minus imports — dropped 60% to $409.2
million.

Rough trading also declined, with imports down 7% to $728.6
million, while exports slid 1% to $761.3 million. Net rough imports — the excess
of imports over exports — stood at negative $33 million, compared with positive
$17 million a year ago.

Israel’s net diamond account — net polished exports minus
net rough imports — plummeted 56% to $441.9 million for the January-to-March
period.

Image: Traders in the
Israel Diamond Exchange. Credit: Three Photographers