Tuesday, 24th January 2006 (4623 views)

Israel has seen its exports of costume jewellery boom by 50 per cent, according to figures released by the ministry of commerce, trade and labour.

Costume jewellery exports were worth $35 million in 2005, up from $24 million in 2004 and $20 million in 2003, suggesting a strong upward growth curve, Diamonds.net reports.

This is set against a marginal decline in jewellery exports overall, which faltered by 1.5 per cent last year.

Despite the strength of costume jewellery, the high price of gold and competition from countries with lower labour costs made it difficult for Israel to compete robustly across the industry.

The overall decline was blamed in part on a falling demand for gold jewellery and gold diamond jewellery exports, with many analysts beginning to speculate that the booming cost of gold could deter consumers.

The surge in demand for costume jewellery further confirms Israel's position in the global jewellery market.

In June, the bi-annual World Federation of Diamond Bourses (WFDB) conference comes to Israel, when heads from Israeli and global banking will debate with guests from across the industry to address the issues facing the sector.

 

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