Israel’s Diamonds May Not Be For Ever After All

Israel Diamond Exports Fall Over 20 percent in 2015

diamonds

 

 

Drop of 20.3 percent in net polished diamonds exports and of 28.3 percent in net rough diamond exports in 2015, according report from Israel’s Ministry of Economy and Industry

Shmuel Mordechai, Director of the Diamond, Gemstone and Jewelry Administration at the Ministry of Economy and Industry:
“The drop in demand in the European and Hong Kong markets are the primary reason for the recent drop in our exports”

Jerusalem, January 17, 2016 – The Diamond, Gemstone and Jewelry Administration at the Ministry of Economy and Industry announces its year-end figures for 2015. Net polished diamond exports for 2015 totaled $4, 996 billion, as opposed to $6, 267 billion in 2014 – a drop of 20.3 percent. Net rough diamond exports for 2015 totaled $2, 196 billion, as opposed to $3, 061 billion in 2014 – a drop of 28.3 percent. Net polished diamond imports for 2015 totaled $3, 480 billion, as opposed to $4, 516 billion in 2014 – a drop of 22.9 percent. Net rough diamond imports for 2015 totaled $2, 781 billion, as opposed to $4, 023 billion in 2014 – a drop of 30.9 percent.

Director of the Diamond, Gemstone and Jewelry Administration Shmuel Mordechai notes that during 2015 there was a world crisis in the diamond industry due to a drop in demand in the United States and China, and an anomaly in price levels due to a rise in the price of rough diamonds and a drop in the price of polished diamonds. Mordechai emphasizes that these trends have affected the world diamond industries and not passed over the Israeli diamond industry – although in a more moderate fashion that in other diamond centers.

It should be noted that there was a clear change in the trend and an improvement in world trade in the diamond industry during the Christmas season of 2015.

Here is the distribution of the export of net polished diamonds for the five largest countries worldwide:

2015 2014 Drop in percent
USA – $2, 001 billion $2, 371 billion 16 percent
Hong Kong – $1, 350 billion $1, 864 billion 28 percent
Belgium – $ 415 billion $ 532 billion 22 percent
Switzerland – $ 362 billion $ 406 billion 11 percent
England – $ 158 billion $ 235 billion 33 percent
Other countries – $ 710 billion $ 856 billion 17 percent

Hong Kong accounts for 27 percent of Israeli exports, Belgium 9 percent, Switzerland 7 percent, England 3 percent and other countries 14 percent. The United States continues to be the main market for Israeli diamonds and stands at around 40 percent.

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