The economy of Israel, home to one of the world’s largest diamond trading and manufacturing centers, has escaped relatively unscathed from the global economic crisis. The atmosphere in the diamond sector in Israel is largely an optimistic one. Despite the challenges in the diamond and jewelry market in the United States, traditionally the largest diamond market in the world as well as being the number one destination for Israel’s diamonds, 2010 was an encouraging year for the Israeli diamond sector. Most of Israel’s leading diamond companies saw their exports increase by over 50% in 2010 compared to the figures of 2009 – which was a very positive result. While it is clear that exports have yet to reach the pre-crisis levels of 2007, it cannot be said that the statistics tell the whole tale. Taking a close look at the figures, we find that, with the reduced level of banking debt as compared to the indebtedness before the crisis, the Israeli industry is now in a stronger and healthier position than before. Our campaign last year of Responsibility ‘paid off’ in terms of companies being prepared to embrace new challenges, and being ready to build on the foundations established during these recent difficult years.
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