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Israel’s Diamond Trade Slides amid Weak Sentiment

Jul 21, 2016 2:16 AM   By Rapaport News
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RAPAPORT... Israel’s polished diamond exports slumped in the first half as sentiment weakened among traders.

Outbound shipments dropped 14 percent from the previous year to $2.61 billion, government data showed. Exports to the U.S., Israel’s largest market, fell 15 percent, while to Hong Kong they plunged 26 percent.

Dealers who spoke with Rapaport News reported a tough trading environment this year as global demand continues to decline and Israel struggles to maintain its place in the market.

Polished imports slid 10 percent to $1.62 billion and net polished exports – the excess of exports over imports – slumped 20 percent to $988 million.

Israel rough imports amounted to $1.63 billion, in line with last year, while exports of the raw material increased 2 percent to $1.39 billion. Net rough imports, reflecting the amount of rough staying in the country for manufacturing, fell 11 percent to $232 million.

Israel’s net diamond account, which is calculated as exports of both polished and rough minus imports to reflect the added value of India’s diamond trade, declined 23 percent to $756 million.   
Tags: diamonds, Israel, Israel Diamond Exchange, Rapaport News
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