Israel Diamond Shipments Continue Upward Trend

RAPAPORT… Israel’s diamond trade strengthened in October, buoyed by the sector’s extended recovery ahead of the holiday season.



Polished exports — after returns of unsold goods — more than tripled to $572.1 million for the month, up from $176.6 million a year earlier, the country’s Ministry of Economy and Industry reported Monday. Shipment volume jumped 59% to 157,969 carats, with the average price more than doubling to $3,621 per carat from $1,772 per carat in October 2020.



“October continued the significant growth trend that we have seen in the Israeli diamond industry in the past year,” said Ophir Gore, the nation’s diamond controller. “Looking at the past few months overall, as well as the situation in the global market, the Israeli diamond industry has many reasons to remain optimistic.”



Polished imports reached $350.7 million for the month, up from $162.1 million, the ministry said. Rough exports climbed 52% to $113.7 million, with rough imports rising 40% to $187.8 million.



Image: The Israel Diamond Exchange in Ramat Gan. (Shutterstock)