Polished diamond exports from Israel took a 6.4 percent fall in 2016 on y-o-y basis and valued $4.675 billion in 2016 from $4.993 billion a year ago, as per reports. Contrary, there was a 23.1 percent increase in rough diamond exports which touched $2.702 billion, reports add.

Israel noted US as its largest trading partner (39 percent) with $1.827 billion worth of diamond exports. Hong Kong attracted diamond exports worth $1.239 billion (26 percent); diamond exports to Belgium accounted for $ 0.349 billion or 8 percent of the market, as per reports. Within this line of export markets, diamond exports to Switzerland valued $ 0.311 billion (7 percent) to England valued $0.169 billion (4 percent) while other countries attracted diamond exports worth $0.780 billion or 16 percent of the market, as per reports.

Import of polished diamonds into Israel valued $3.282 billion in 2016, slipping 5.7 percent on y-o-y basis($3.482 billion in 2015) and rough diamond imports rose to $3.246 billion or 16.7 percent ($2.781 billion in 2015), reports add.

According to reports, Shmuel Mordechai, Israel’s diamond controller, mentioned the trade reflecting the downward trend continuing for most of 2016, and recovery signs being visible towards the last quarter of 2016 owing to growing market stability and the industry’s agreement with the Israel Tax Authority in December, reports add.