Business / Industry Sectors
lsrael's diamond industry portrays steady growth in export and imports
In July the Israel Diamond Controller released half year figures for the industry which showed a marked improvement in all parameters.

Trading in Ramat Gan during July was fairly quiet due to the U.S. summer holidays and the global seasonal slump. Despite that, there was steady demand for SI and lower quality goods suitable for the U.S. market. The political situation in Israel brought fewer foreign buyers than usual, although a certain number of from India and other parts of Asia visited during the month, and were shown appreciation for their solidarity with the country. The market is expected to remain quiet through most of the summer months.


Some eight Israeli diamond companies participated in the India International Jewelry Show (IIJS) in Mumbai from July 17 to 21. This was the seventh year that the Israel Diamond Institute (IDI) organized a national pavilion at the show. The Israel Pavilion occupied some 90 square meters and included diamond companies Eyal Mizrahi, Leo Schachter, Shlomo Bichachi, Regent Diamonds, Sahar-Atid, Vulcan, Vision and IDI. Israeli participants reported that although the show had fewer attendees than before - possibly due to the change in dates from August to July - interest in the Israeli pavilion was high.


In July the Israel Diamond Controller released half-year figures for the industry, which showed a marked improvement in all parameters. Israel’s net polished diamond exports for the first half of 2014 rose 6% to $3.6 billion. Net imports of polished diamonds rose 3.2% to reach $2.2 billion. Net rough diamond exports grew by 6%, totaling $1.8 billion and net rough diamond imports increased 0.9% to $2.1 billion.


The United States continued to be Israel’s largest export market for polished diamonds during the first half of 2014, accounting for 45% of gross exports. Hong Kong was the next largest market, accounting for 31% of the market. Switzerland accounted for 8%, Belgium 7%, England 2% and other countries 7%.


In July, the Israel Diamond Manufacturers Association (IsDMA) elected Mr. Jacob (Kobi) Korn as its new president. Mr. Korn succeeded Mr. Avraham (Bumi) Traub who served in this position since November 2011.


Mr. Jacob Korn, who is well known as the owner and managing director of Korn Diamonds, has been active in public life within the Israeli Diamond Industry since 1979, after joining the Israel Diamond Exchange (IDE) in 1973. In 2013 Mr. Korn was elected Deputy to the President of the Israel Diamond Exchange for the second time. His company is internationally renowned as a manufacturer of special cuts and precisely calibrated diamonds for the watch and jewelry industries.


Source: The Israeli Diamond Industry


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