Polished diamond exports slide 23% in June [p. 17]

July 4, 2006 06:15
1 minute read.


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


June saw a continuation of the dismal trading that has dogged the diamond market this year, with figures released Monday by the Industry, Trade and Labor Ministry, indicating that June exports of polished diamonds fell 22.7 percent and raw diamonds an even steeper 47.7%. The value of polished diamond exports during the month was $314 million, down from the $406m. sold last June while exports of raw diamonds fell to $195m. from $373m. last year, the ministry said. Imports were also far lower than last year, with raw diamond imports down 26.7% to $195m. from $393m. and polished imports down 5.9% to $323m. from $343m. "Polished exports were down due to the large number of [industry figures] who were returning from the diamond show in Las Vegas, which began at the end of May," said diamond inspector/supervisor Shmuel Mordechai, suggesting that their absence meant less business than normal was done in Israel during June. As for the drop in imported raw diamonds, Mordechai blamed the "large discrepancy between the high prices of raw diamonds and the low prices [received] on polished diamonds," implying that it was more cost-effective to import polished diamonds instead. The ministry said Hong Kong received the largest share of exports with 35% of diamonds sent there, followed by the US with 28%, Belgium with 11%, Switzerland with 7% and England with 3%. The figures were released on the heels of the 32nd World Diamond Congress held last week in Tel Aviv where industry professionals met to discuss issues impacting the diamond business, such as declining profit margins and competition. Among the solutions put forth at the conference was the launch of a code of ethical business practices for diamond exchange members in an effort to boost consumer confidence and restore credibility to the industry.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection