RAPAPORT... Israel’s jewelry industry has benefited from a surge in local sales over the past decade, a recent report showed as the country hopes to further boost sales at the annual Jovella Jewelry Fair in Tel Aviv next week.
Israel’s jewelry industry contributed $517 million to the local economy in 2005, up from about $300 million a decade earlier, the country’s Ministry of Industry, Trade and Labor reported.
Exports reached $489 million during the year, and local sales were ILS 950 million ($225.5 million at current exchange rates) with an average ILS 254 spent on items.
While more than 300,000 households made jewelry purchases in 2005 - reprepresenting 16 percent of all Israeli households - the report noted that half of Israeli women made jewelry purchases in the first half of 2007. Their purchases were on the lower end of the market however, with 60 percent of the women spending less than NIS 200, and just 5 percent buying higher priced items worth more than NIS 2,000.
Israel had 218 jewelry factories in 2005 and 3,745 workers employed in the industry.
The report was released in time for the fourth annual Jovella Fair, taking place July 10-11, 2007 in Tel Aviv. The event is expected to attract some 10,000 visitors and buyers, and will feature 180 local and international exhibitors. These include jewelers from Israel, Italy, Germany, Greece, Turkey, Thailand, Brazil, China, and the Palestinian Authority.
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