Israel’s Diamond Trade Continues Recovery

RAPAPORT… Israel’s polished-diamond exports jumped in June, albeit at a gentler rate than in previous months, as the country’s trade benefited from a rebound in global demand.

Shipments after returns rose 75% year on year to $289.7 million for the month, the Ministry of Economy and Industry said Monday. Export volume increased 66% to 125,119 carats, while the average price advanced 6% to $2,315 per carat.

Trading figures have bounced back from last year’s pandemic-induced slump as retail sales improve in the US and China. Israel’s polished exports soared by three-figure percentages in April and May, reflecting comparisons with the 2020 downturn.

“Since Israel is an important part of the global diamond and jewelry industries, which are experiencing a strong recovery, as long as this trend will continue globally, I believe Israel will continue to enjoy it,” said Ophir Gore, the nation’s diamond controller.

Polished imports soared to $253.3 million versus $93 million a year earlier. Rough imports almost quadrupled to $247.3 million from $64.5 million in June 2020, while rough exports reached $244.8 million, up from just $23.9 million a year before. The addition of the United Arab Emirates (UAE) as a trade partner following last year’s peace agreement boosted rough shipments, Gore pointed out.

For the first half of 2021, Israel’s polished exports grew 69% year on year to $1.71 billion, while rough imports leaped 165% to just over $1 billion.

Image: The Israel Diamond Exchange. (Shutterstock)