And in Israel, the diamond industry is signaling a strong recovery already as indicated by the numbers released by the Israel Ministry of Industry, Trade and Labor. The figures released by Shmuel Mordechai, Israel’s Diamond Controller, display double digit growth in the exporting and importing of diamonds.
Israel’s net export of polished diamonds is up to $4.3 billion for the first half of 2011, which is a significant gain from last year’s $3 billion.
Even with the surging increases in demand in China and India, the United States remains the largest importer of polished diamonds from Israel. The U.S. consumes 48% of the polished diamond exports, with Honk Kong coming in second place with 27%.
The Israel Diamond Institute reports that the diamond industry in Israel is nearing full recovery and sitting nicely at export figures that are 25% higher that they were in 2008.
“The Israeli Diamond Industry is reaching new heights. It continues to display great strength and vibrancy. I am certain that the full year figures will continue this positive trend,” stated Moti Ganz, Chairman for the Israel Diamond Institute.
The institute also stated that the recent trade shows in Las Vegas and Hong Kong showed strong promise for the rest of the 2011 year of diamonds. “We participated in both these shows with very large and impressive pavilions that clearly demonstrated the power of the Israeli industry. We expect the results from upcoming shows in Mumbai in August and Hong Kong in September to be equally as encouraging,” reported Eli Avidar, Managing Director for the institute.