Business / Industry Sectors
Israel’s Economy Ministry Diamond Controller Summarizes 2014
Israel prepares for Rough Diamond Week in 2015.

In 2014, export of polished and rough diamonds from Israel totaled around $9.324 billion, as compared to $9.166 billion in 2013.



The Diamond, Gemstone and Jewelry Administration at the Ministry of Economy, which supervises the import and export of diamonds in Israel, notes that all those active in the industry are trying their utmost to find new sources of rough diamonds, out of a desire to lower prices and thereby encourage greater competition in comparison to other trading centers around the world.



It should be noted that during 2014 there was a very small gap between prices for rough and polished diamonds, severely damaging the profitability of the industry. Many diamond traders reported very small profitability margins, while others even reported losses over the course of the year.



Net polished diamond exports for 2014 totaled $6.269 billion, an increase of 0.6% over the previous year. Net rough diamond export figures totaled $3.061 billion, as against $2.938 billion in 2013, a net increase of 4.2%.



Net polished diamond import figures in 2014 totaled $4.514 billion, as against $4.309 billion in 2013, an increase of 4.8%. Net rough diamond import figures in 2014 totaled $4.022 billion, as against $3.990 billion in 2013, an increase of 0.8%.



Diamond Controller at the Ministry of Economy Shmuel Mordechai noted that 2014 was a very difficult year for the diamond industry. All the world’s diamond centers reported a significant drop in profitability, and for the first time the world’s sightholders did not purchase their allocations over a large part of the year.



According to Mordechai, the Israel diamond market was also hurt by Operation Protective Edge, and the International Diamond Week, which was scheduled to take place in Israel in September 2014, was canceled, causing a loss of several hundred million dollars in sales.



Nonetheless, several exhibitions are expected to be held in Israel during 2015, with sales of polished diamonds, and there will be at least one Israel Diamond Week in the USA, featuring the sale of polished diamonds from Israel. Likewise, Israel Rough Diamond Week is also planned for 2015, as is a conference for all the world’s exchanges, which will perhaps get the industry moving, particularly in Israel. All these marketing efforts are in addition to Israeli participation in major world exhibitions, such as those in Las Vegas, Hong Kong, India, Thailand, and Basel, Switzerland.



Source: The Yeshiva World News



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