Export of polished and rough diamonds from Israel rose by more than $175 million in 2014 as compared with the previous year.
Exports in 2014 totaled approximately $9.324 billion, compared with $9.166 billion in 2013.
According to the Diamond, Gemstone and Jewelry Administration, a division of the Ministry of Economy, the American market remains Israel’s primary client, accounting for 38 percent of exports.
Hong Kong is second on the list, accounting for a total of 29.74 percent of the entire polished diamonds export market. Additional destinations for diamond exports include Belgium (8.5 percent), Switzerland (6.47 percent) and England (3.74 percent), among others.
The industry reported a very small gap in 2014 between prices for rough and polished diamonds. Traders reported very small profitability margins, and in some cases even losses over the year.
Net polished diamond exports for 2014 totaled $6.269 billion, a small increase of 0.6 percent over 2013. Net rough diamond exports totaled $3.061 billion, a net increase of 4.2 percent over 2013.
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.
