Israel’s Polished Diamond Exports -17% in 1Q

Polished diamondsRamat Gan: Israel’s polished-diamond exports dived 17 percent to $1.44 billion in the first quarter as shipments to key trade partners such as the U.S. slumped, according to Rapaport.

Exports of cut diamonds to the U.S. after returns slid 21 percent to $499.2 million over January to March.

In volume terms, polished exports dropped 15 percent to 528,310 carats, resulting in a 2.1-percent decline in the average price to $2,720 per carat.

Polished imports retreated 11 percent to $800.6 million. Net polished exports, representing exports minus imports, plummeted 22 percent to $636.2 million.

Rough imports fell 8.3 percent to $758 million and rough exports slipped 1.7 percent to $684.5 million. Consequently, net rough imports, representing imports minus exports, plunged 44 percent to $73.5 million.

Israel’s net diamond account, the difference between net imports of rough and net exports of polished, dropped 18 percent to $562.6 million.