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Huge Increase in Israel’s Diamond Industry

In the third quarter of 2011, Israel’s diamond industry has showed double digit growth. There are a few reasons why the all of a sudden boom in diamonds happened according to Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies. Some of the huge increase in Israel’s diamond industry has to do with adding a number of new trade shows to existing markets.

Recent figures found by the Ministry of Industry, Trade and Labor’s Diamond Controller Shmuel Mordechai show that Israel’s net export of polished diamonds from January through September 2011 totaled a whopping US $5.83 billion. This number was 37.1 % higher than the same period last year. Its net imports of polished diamonds increased 48.8% totaling $4.17 billion in its first three quarters. Also with the United States being its largest market consuming $2.13 billion, 37% of its exports.

The Chairman of the Israel Diamond Institute Group of Companies, Moti Ganz said that “the increased results in 2011 are the result of the dynamism, flexibility and forcefulness of the Israeli industry.” He also mentioned that they have been able to take advantage of the shifting trends and respond to the demand by the industry by adding more trade shows in existing markets.

With the huge increase in Israel’s diamond industry in 2011 it is likely that it will continue in 2012. Moti Ganz intends to add shows in new markets next year to continue growing its diamond trade. These numbers are expected to increase even further in the coming months and next year. It will be exciting to see what happens with the price of diamonds in the coming months.