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Israeli polished diamond exports grow 15 percent in May, U.S. diamond jewelry market apparently back on track June 04, 2002 RAMAT GAN, ISRAEL - Israel's polished diamond exports grew more than 15 percent in May, to $547.5 million after returned goods had been deducted, from $474.6 million in the same month of the previous year. According to figures released by the Israel ministry of Industry and Trade, net sales of polished diamonds during the first five months of the year abroad equaled $2.321 billion, representing an increase of 15.6 percent compared to the same period in 2001. Imports of rough diamonds in the first five months have increased by 6.8 percent in value, reaching 1.6 billion. In weight, however, rough imports dropped more than 16 percent, indicating that the price per carat of incoming rough is steadily increasing. Udi Sheintal, Israel's Diamond Controller, said that that the rise in polished diamond exports occurred for a number of reasons. "Due to the uncertain security situation, buyers are traveling less, and they are not knocking on our doors." he stated. "As a result, Israeli diamond manufacturers and dealers ship out larger quantities of goods than usual to their clients abroad, and in particular to the United States, which remains the chief target for Israeli diamonds. On top of that, the U.S. economy seems to be recovering, which is expressed by the higher demand from jewelry manufacturers and retailers for diamonds." Commenting on the atmosphere gauged at the JCK show in Las Vegas in early June, Alexander Waldman, principal of the WDC Group, a leading Israeli diamond company that operates branches in New York and Japan, said economic recovery in the United States is clearly felt. "Our diamond jewelry sales people, as well as our loose diamond representatives all reported a brisk and good business at the show. The diamond jewelry market seems to be back on track," he said. |