Jewish Post, Indianapolis, Marion County, 31 March 1972 — Page 9
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Friday, March 3T, T972
THE JEWISH POST AND OPINION
ISRAEL TAKES TOP SPOTIN DIAMOND EXPORTS
By HAIM SHACHTER As a diamond exporter, Israel has now climbed to the top of the ladder and now occupies first place, outstripping Belgium which always ranked first in the world’s diamond polishing industry. Israel’s diamond exports in 1971 topped the $265 million
mark. The figures were supplied by Moshe Shnitzer, President of Israeli Diamond Bourse, who is also President of the World Frederation of Diamond Bourses. In 1970 Israel’s diamond exports amounted to only $202 million, and the 1971
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figure shows a rise of about .30 per cent over the previous years’ exports. MR. SHNITZER spoke with considerable optimism about developments in the near future, forecasting exports to the value of about $300 million in 1972, which he said was a realistic figure. Mr. Shnitzer recalled that a year ago when the diamond market experienced a low ebb, he forecast diamond exports to the value of $250 million in 1971, and his view was received with a great measure of skepticism. His forecast not only materialized, but exports have even exceeded his figure. Mr. Shnitzer’s optimism is borne out by export figures for, January 1972, amounting to $30.5 million, as compared with $21.6 million in January 1970. In December 1971 Israel exported diamonds to the value of over $22 million, showing a rise of 48.5 per cent over the figure for the corresponding month in 1970. THE U.S. TAKES first place among importers of Israeli diamonds. In 1971, $74 million worth were exported to the U.S. — over $9 million more than in the preceeding year. After the U.S. comes Japan, with diamond imports to the value of $29.5 million, and Hong Kong a close runner-up with purchases of $29.3 million worth. Belgium, until now the world’s leading diamond manufacturer, in 1971 purchased $28 million worth of Israeli diamonds — $6 million more than in the preceeding year. Mr. Schnitzer bases his optimism about the future of the Israeli diamond industry on the fact that economic exports forecast a period of economic prosperity for the U.S. in the near future. At present there is still a certain amount of restraint in the U.S. insofar as diamond purchases are concerned. When the American market recovers, orders for Israeli diamonds are expected to grow considerably. There are also good prospects of more imports by Japan. THE ISRAEL DIAMOND Bourse at Ramat Gan, one of the largest buildings in the country, is already proving far too small to house all the offices of the country’s diamond merchants. Two additional wings are shortly to be erected. In view of the Growth of the Israel diamond industry, it has been able to absorb recently 150 expert diamond 'polishers who immigrated from Belgium. Mr. H. Danieli, Director of tihe Israel Diamond Manufacturers Association, has announced that Israel diamond industry is now in a position to absorb an additional 1,500 hands.
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