Israel’s Exports See Further Gains

RAPAPORT… Israel’s diamond trade grew strongly in January as global demand continued to recover, according to data the government released this week.

Polished exports jumped 35% year on year to $453.8 million for the month, with the total volume rising 55% to 205,226 carats. The average price fell 13% to $2,211 per carat.

The gains — which exclude returns, such as unsold items — reflected a further market improvement after a rebound last year, when full-year polished exports rose 54%, the Ministry of Economy and Industry noted.

Resurgent consumer demand, especially in the US, led to almost unprecedented retail sales in 2021 and a record holiday season. January is typically a strong month for trading as retailers and dealers restock following the festive season and ahead of Chinese New Year and Valentine’s Day.

“It’s pleasing to see that 2021’s positive trend continued into the first month of the year,” said Ophir Gore, Israel’s diamond controller, who regulates the sector. “As one can see from the numbers, it even accelerated. Diamond prices, both rough and polished, continue to increase globally and reach levels that we did not expect. This indicates there is reason for optimism for 2022.”

January’s polished imports advanced 44% to $306.1 million. Rough imports surged 45% to $169.2 million, while rough exports soared 89% to $204 million.

Image: The Israel Diamond Exchange. (Rapaport News)