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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. ‎
Tags: Avi Krawitz, Israel Diamonds Rapaport
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