The net value of exported polished diamonds in the first nine months of 2009 stood at$ 2,601 billion, compared to $5,510 billion in the previous year, stated Shmuel Mordechai, the Israel Diamond Controller at The Ministry of Industry, Trade and Labor.



Exports of polished diamonds declined by 52.8% in the first nine months of 2009, falling 57% in the first quarter of 2009 and finishing the final quarter of 2008 with a freefall of 70% compared to the previous year.



During the first nine months of 2009, rough diamond exports totaled $1,259 billion as opposed to $3,027 billion in 2008, a decline of 58.4% compared to a 90% drop in the final quarter of 2008.



Rough diamond imports declined by 59.8% to $1,589 billion in the first nine months of 2009 compared to $3,955 billion in the previous year, and a fall of 80% in the final quarter of 2008.



Polished diamond imports dropped by 56.5% to $1,525 billion in the first nine months of 2009 compared to $3,504 billion in the previous year, and a fall of 70% in the final quarter of 2008.



Diamond Controller Shmuel Mordechai explained that there has been a significant decline in the export and import of rough and polished diamonds in Israel and all over the world due to the global economic crisis, however a turning point seems to have been reached since the beginning of the year and the data indicate a positive trend as the months go by.



The export and import of rough diamonds has declined in excess of 90% in the first nine months of the year in addition to a 70% plunge in the export and import of polished diamonds.



Since the beginning of the year slight improvement has become evident: Today exports of polished diamonds have dropped by 50% and rough diamonds by 68% compared to the previous year.



Mordechai also stated that the positive trend that we are seeing will hopefully continue in the following months. Nevertheless, he said that it may take a few years to get back to the volume of activity that was seen in 2007/8. He added that government aid during the crisis would have helped to jumpstart this market.



The United States continues to be the primary market for exported polished diamonds with 50% from the beginning of the year, Hong Kong - 26%, Switzerland - 7%, Belgium - 6%, England - 2% and 9% for other countries.