Exports of polished diamonds up 7% in 2007

Israeli export of polished diamonds reached last year a record-breaking US$7.07 billion. export of raw diamonds reached US$3.38 billion - up 25.5% from the year before
 
The Ministry of Industry and Trade issued last week its annual report on the Israeli diamond industry. in general the report noted that Israel’s diamond trade figures for 2007 showed a substantial rise in all areas, making 2007 the best year ever for the Israeli Diamond Industry.
 
According to figures released by Shmuel Mordechai, Israel’s Diamond Controller in the Ministry of Industry, Trade and Labor, Israeli export of polished diamonds reached last year a record-breaking US$7.07 billion, up 7% against the year before.
 
The report also show that export of raw diamonds amounted to US$3.38 billion in 2007, up 25.5% from the year before (US$2.69 billion).
 
Import of polished diamonds in 2007 totaled US$4.558 billion, compared to US$4.24 in 2006, up 13.3% and import of raw diamonds in 2007 totaled US$5.084 billion compared to US$4.709 billion in 2006, up 8%.
 
The United States remained last year the largest market for Israel’s polished exports. Exports to the US totaled $3.4b., followed by Hong Kong, the second leading destination, with $1.3b. worth of goods, or 19% of total polished diamond exports. Exports toBelgium totaled $562 million, followed by exports of $429m. to Switzerland and $109m. to India.
 
Meanwhile, the Knesset approved last week a levy reduction, which will allow Israeli diamond dealers to pay less tax on polished diamonds. The tax on polished imports has been cut from 2 pro-mille (0.2%) to 1.35 pro-mille (0.135%) and is being put into effect retroactively from the beginning of 2007.