Polished diamond exports up 14% in March 2005

Polished diamond exportsin March continued to show a significant upward trend increasing by14% over last year, amounting to US$613.5 million (compared to US$538.3 million in March 2004).
 
According to statistics reported by the Israel Ministry of Industry, Trade and Labor's diamondsupervisor, Shmuel Mordechai, polished diamond exports are up 12.1% since the beginning of 2005, to US$1.928 billion.
 
Uncut diamond exports climbed 17.9% over March 2004 to US$272 million, compared to US$230.6 million in the same month last year, while imports of uncut diamonds were 15.6% higher at US$479.6 million,compared to US$414.8 million in the same month in 2004,with uncut diamond imports unchanged in the first quarter over the January-March period last year.
 
Mordechai noted that the increase in diamond exports could greatly improve Israel's status in the global diamond industry. Israel's imports of polished diamonds increased 9.0% in March 2005 to reach US$338.0 million, as compared to US$310.1 million in March 2004. For the first three months of the year net imports of polished diamonds rose 12.9% to US$890.0 million, compared to US$788.1 million in the same period in 2004.
 
The major export markets for Israel's polished diamonds in March 2005 were the United States with 62%, Hong Kong 15%, Belgium 9%, Switzerland 6% and England 2%. The March 2005 figures,Mordechai noted,point to a continued growth in demand for Israeli polished diamonds, indicating that 2005 will be another positive year for the Israel diamond industry.