Israel's net polished diamond exports continued to decline in the first quarter of 2013. Net polished diamond exports fell 8.3 percent to $1.6 billion.

Polished diamond imports also declined, dropping 13 percent year-over-year to $962 million, according to the country's Ministry of Economy.

The decline in trade is met with efforts by the Israeli industry to reverse the tide and boost the importance of the diamond center. In February, the Israel Diamond Exchange held the U.S./International Diamond Week trade fair for loose diamonds.

According to Diamond Controller Shmuel Mordechai, the first quarter decline is due in part to the trade fair. "[M]any goods were returned to Israel to be offered during this week," he explained.

Mordechai said that in the first months of the year exports increased by 45 percent. "We hope that this trend will continue."

About 41 percent of Israel's polished diamond exports during the period were to the U.S. Hong Kong (35 percent), Belgium (7 percent), the UK (5 percent) and Switzerland (3 percent) were Israel's other leading polished diamond export destinations.