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Israel’s Diamond Slump Continues

December 6, 2022  |  Joshua Freedman
Polished goods in a case at the 2016 edition of International Diamond Week in Israel. (Shutterstock)

Israel’s diamond shipments plummeted in November as weakness in the global market continued.

Polished exports slid 85% year on year to $38.7 million, after returns of unsold goods, the country’s Economy and Industry Ministry reported this week. By volume, orders fell 21% to 114,916 carats, with the average price down 81% at $336 per carat.

Exports before returns saw a more modest drop, but “the combination of a decline in the gross [figure] and an increase in returns created the effect of very low net exports, precisely when they were expected to increase,” Ophir Gore, Israel’s diamond controller, told Rapaport News on Tuesday.

On the positive side, “2022 is expected to show an increase in the polished trade, despite the declines in the rough trade,” Gore added. “This was not a given in light of the difficult months of late.”

November polished imports slipped 7% to $197.8 million. Rough exports dived 52% to $76.7 million, while rough imports declined 29% to $118.8 million.

Image: Polished goods in a case at the 2016 edition of International Diamond Week in Israel. (Shutterstock)

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Polished goods in a case at the 2016 edition of International Diamond Week in Israel. (Shutterstock) Israel’s Diamond Slump Continues

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