Daily Israel Report

Diamond Industry Sparkling Post-Economic Crisis

Israel's diamond industry has taken great strides in recovering from the global economic crisis of 2009.
By Malkah Fleisher
First Publish: 2/15/2010, 10:32 PM / Last Update: 2/15/2010, 10:45 PM

Israel news file
Israel's diamond industry has taken great strides in recovering from the global economic crisis of 2009. Israel's polished diamond export rose a whopping 84% in January, according to a report by the Central Bureau of Statistics (CBS).

It now stands at $563.2 million.

January was also a very good month for rough diamonds, the export of which tripled from the previous month to $302.9 million. Israel's total diamond export in the first month of 2010 is therefore worth $866.1 million.

The CBS also noted that Israel’s January net diamond account, which measures the value of diamonds exported during the month, grew 38% to $361.2 million.

In January 2008, prior to the US-led economic downturn, polished diamond exports were 24% higher than today, with the net diamond account 36% higher, as well.

The Israeli Diamond Industry (IDI), will assemble its largest presence ever at the Hong Kong International Jewelry Show in March.  The Israel Diamond Pavilion will also be the largest of all the represented national pavilions, according to an announcement by IDI. The display will feature 60 companies, with 20 more exhibiting elsewhere during the show.

Hong Kong is Israel’s second largest market for polished diamonds. Israel exported $1.043 billion in diamonds to the country in 2009.