Israel's Diamond Controller Shmuel Mordechai: "The main reason for the decline is the US/International Diamond Week in March when many diamonds were brought back to Israel for display by Israeli diamond firms."
Israel's net diamond exports in the first quarter of 2013 fell to $1.60 billion from $1.75 billion a year before, according to figures published by the diamond administration of the Economy Ministry.
There has been an 8.3% decline since the start of this year in net polished exports from a year before. Net polished imports in the first quarter fell 13% to $962 million from $1.11 billion last year.
Net rough exports in the first quarter rose 2.7% to $826 million from $805 million. Net rough imports dropped 10.2% to $891 million from $992 million last year.
Economy Ministry Diamond Controller Shmuel Mordechai said, "The figures appear to show a decline in imports and exports of rough and polished diamonds but the prime reason for the decline is the US/International Diamond Week in March when many diamonds were brought back to Israel for display by Israeli diamond firms. Indeed, in the first two months of this year, a rise of 45% was registered in activity in the diamond sector, and we hope this trend will continue."
Following the March 5-9 Hong Kong International Jewellery Show, a large amount of diamonds were returned to Israel ahead of the US/International Diamond Week.
The statistics also show that the United States continues to be the main market for Israel's polished diamond exports, accounting for 41% of exports. Second on the list is Hong Kong with 35%, then Belgium with 7%, Britain with 5%, Switzerland with 3%, and the rest of the world accounted for 9%.
