Israel’s polished diamond exports rose 22 percent year on year to $1.89 billion in the second quarter of 2011, according to the Ministry of Industry, Trade and Labor. By volume, the polished exports grew 4 percent to 856,238.79 carats as the average price increased 18 percent to $2,210.65 per carat.

Polished imports rose 51 percent to $1.58 billion during the three months and net polished exports, representing the excess of exports over imports, fell 38 percent to $311.9 million.

Israel’s rough diamond imports increased 49 percent to $1.33 billion and rough exports grew 39 percent to $1.1 billion. Net rough imports, the excess of imports over exports, more than doubled to $227.7 million.

Israel’s net diamond account, representing total polished and rough exports less total imports, fell 79 percent to $84.2 million.

During the first half of the year, Israel’s polished exports grew 34 percent to $4.03 billion with average prices up 24 percent to $2,244.94 per carat. Polished imports rose 50 percent to $2.81 billion and net polished exports increased 8 percent to $1.21 billion.

Rough imports rose 37 percent to $2.47 billion while rough exports increased 40 percent to $2.27 billion. Net rough imports rose 10 percent to $208 million.

Israel’s net diamond account for January through June grew 7 percent to $1 billion.