Israel�s diamond results for March fluctuates

Though Israels net exports of polished diamonds rose 6.4 % in March, the country has seen a 2.6% decline in net polished diamond exports, year-to-date. Marchs net polished diamond exports reached $672 million for Israel in March, up 6.4% from $631.6 million for the same period of 2005, according to a release issued Wednesday by Israels Ministry of Industry, Trade and Labor Diamond Controller Shmuel Mordechai. Year-to-date, however, net polished exports stand at $1.901 billion, falling 2.6% from $1.952 billion for the same period last year.

The falloff in Marchs net imports of rough was more substantial, plunging 31% to $331.5 million for the month, compared to $480.7 million in March 2005, according to the statement. Israels net rough diamond imports, year-to-date, have declined 15% to $1.114 billion, compared to $1.31 billion for the same three-month period last year.
Israels net exports of rough diamonds slipped 3.8% in March to stand at $262.1 million, compared to $272.3 million last year. Net exports of rough diamonds have dipped 15 percent, year-to-date, and currently stand at $769.8 million compared to $906.1 million for the same period last year, according to the statement.

Net imports of polished diamonds, however, saw an uptick in March, growing 3.3% to $349.8 million, versus $338.5 million in March 2005. Growth in this area has held steady in 2006, with year-to-date net polished imports up 2.8% for Israel, totaling $921.1 million compared to $896.1 million in the same period last year. Israels top diamond export markets for the month were: the United States, at 57%; Hong Kong, with 14%; Switzerland, at 11%; Belgium, with 7%; and China, at 2%.

Despite the falloff in some areas, Israel Diamond Institute Chairman Simcha Lustig saw cause for optimism in Marchs growth in polished exports and imports of Israeli diamonds. "I believe that the figures for March spell a turnaround for the Israeli diamond industry, and I look forward to positive results for the remainder of the year," he said in the release. Lustig also touted IDIs commitment to the Israeli diamond trade through the groups new brand identity and accompanying marketing and advertising campaign, launched last week at BaselWorld. The new pushs tagline: "The Israeli Diamond Industry� All You Could Ask for in One."