Ramat Gan: Data released by Israel’s Ministry of Economy and Industry’s Diamonds, Special Stones and Jewelry Administration (DSJA) (formerly known as the Diamond Controller’s office) reveal a significant drop in Israel’s import and export of both rough and polished diamonds in 2015.

Net polished exports for 2015 totalled US$4.993 billion, down 20.3 percent compared with 2014, while net rough imports for the year were only US$2.78 billion, down 30.9 percent compared with the previous year.

Commenting on the 2015 results, DSJA Director Shmuel Mordechai says the year was a time of global crisis in the diamond sector, against the backdrop of a dip in demand from the United States and China, and the anomaly of soaring rough diamond prices alongside reductions in polished diamond prices. Mordechai also noted an improvement in global trade in the diamond industry over the Christmas period.

The U.S. remains Israel’s most significant destination for polished exports, with net polished diamond exports of about US$2 billion, followed by Hong Kong (US$1.35 billion), Belgium (US$0.415 billion), and Switzerland (US$0.362 billion).