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Ramat Gan--The Israeli diamond industry reports that its diamond trade grew double-digits in 2011 despite a slowdown in activity worldwide in the fourth quarter.

According to figures released Tuesday, the country’s net polished diamond exports were $7.2 billion in 2011, up 24 percent year-over-year. The 2011 dollar value total exceeds the $7.1 billion in exports achieved in 2007, prior to recession.

Rough diamond exports, meanwhile, were up 15 percent to $3.5 billion.

Net imports of polished diamonds rose 35 percent to $5.7 billion while net imports of rough diamonds were up 18 percent year-over-year to $4.4 billion.

The United States remains Israel’s No. 1 export market for polished diamonds, consuming 39 percent of the total. Hong Kong is next at 26 percent, followed by Switzerland at 6 percent, India at 5 percent, the United Kingdom at 3 percent and the rest of the world at 21 percent.

While the United States still is Israel’s top market for polished diamonds, its consumption rate is down slightly from 2010, when it stood at 41 percent.

“The results are remarkable, but we put this in perspective,” IDI Managing Director Eli Avidar said of the import-export figures. “In general, we don’t rejoice nor do we despair over results. We are cautiously optimistic about the near future and very positive about the long-term forecast for our industry.”