Diamond (illustration)
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Polished diamond exports drop 11.8%
One of country's largest industries falls to $6.24 billion in 2008, hurt by global economic downturn. US remains largest market for Israel's polished diamond exports, accounting for 43% of total
Israeli polished diamond exports fell 11.8% to $6.24 billion in 2008, hurt by the global economic downturn, the Industry, Trade and Labor Ministry said Sunday.
The diamond industry is one of Israel's largest and accounts for about 20% of the country's industrial exports.
Net exports of rough diamonds slipped 2% to $3.31 billion, while net imports of rough diamonds dipped 11.9% to $4.48 billion. Net imports of polished diamonds fell 3.9% to $4.38 billion.
The United States, at $2.69 billion, remained the largest market for Israel's polished exports, accounting for 43% of the total – down from 53% in 2007 and 63% in 2006. Hong Kong imported 23%, up from 19% in 2007.
Belgium (9%) and Switzerland (8%) were the next largest markets.
