Israel Polished Exports Grow

RAPAPORT… Israel saw a jump in polished trading but a drop in rough shipments during June, reflecting forces affecting the global diamond industry.

Rough shortages have emerged across the sector due to the lack of Russian goods since Western sanctions on Alrosa began in March. However, demand has mostly stayed strong in the important US market, with exhibitors reporting brisk business at last month’s JCK Las Vegas show.

Israel’s polished exports rose 10% year on year to $319.6 million for the month, the country’s Ministry of Economy and Industry said Tuesday. The figure excludes goods that returned to Israel, for example if they remained unsold. By volume, polished exports slipped 4% to 119,764 carats, while the average price increased 15% to $2,668 per carat, according to Rapaport calculations.

Polished imports rose 10% to $277.4 million, the government said. However, rough imports fell 14% to $213.9 million, with rough exports slumping 23% to $187.9 million.

The decline was “due to the de facto halt in rough [supply] from Russia,” said Ophir Gore, Israel’s diamond controller.

For the first half of 2022, polished exports jumped 31% year on year to $2.23 billion, while rough imports climbed 1.4% to $1.02 billion.

Image: The Israel Diamond Exchange (IDE) in June 2022. (Shutterstock)