Israel's net polished diamond exports were revived in July when compared to June, up 154.9% to $237.3 million. The increase hides however, a bitter truth – the country's exports are declining, Israelidiamond.co.il noted citing IDEX Online.
Compared to July 2011, Israel's net polished diamond exports fell 66.8%, based on figures released by the Central Bureau of Statistics (CBS).
In the first seven months of 2012, Israel exported $3.62 billion worth of polished diamonds, a 24.2% decline compared to 2011.
Rough diamond exports reflect a similar, yet more extreme trend. Net exports in July totaled $167.3 million, an 8.5% month-over-month decline.
Year-over-year, the decline is 52.4%.
In the first seven months of the year, Israel exported $1.66 billion worth of rough diamonds, a 36.4% decline compared to 2011.
Polished and rough diamond imports of $576.2 million are a 2.4% decline compared to June. Once again, year-over-year, the decline is a large one, 49.6%. CBS reports rough and polished diamond imports together.
The figures reflect the weakening demand from the consumer markets, a trend that is expected to change once retailers start to stock up for the November-December holiday season.
At the same time, Israeli traders insisted on maintaining higher prices, which has further harmed demand, sending buyers to India where many traders are lowering prices due to pressure from the banking system.
CBS does not report diamond trade by volume.
Exclusive
Sarine’s David Block: Diamond Industry at Standstill Until Chinese Demand Returns
David Block is CEO of Israel’s Sarine Technologies and has served in the position since 2012. In this exclusive interview for Rough and Polished, Block gives his opinion on the leading issues affecting today’s diamond trade.
11 september 2024
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
Lyudmila Vysotskaya: Amber is a mystical stone, a living substance
Lyudmila Vysotskaya is a Kaliningrad-based amber artist and designer, expert, chairwoman of the Amber Academy and member of the Creative Union of Artists in Decorative and Applied Arts. This summer, visitors could admire the art works by Lyudmila Vysotskaya...
30 july 2024
