Israel’s rough and polished diamonds trade falls

Israeli Ministry of Economy and Industry says that Israel experienced a significant decline in its foreign trade of rough and polished diamonds in the first five months of 2023.

From January to May, Israel’s rough diamond exports plummeted by 52 percent compared to the previous year, totaling 374.2 million U.S. dollars. Similarly, the export of polished diamonds witnessed a decline of 10.9 percent, amounting to 1.71 billion dollars.

The data further revealed a notable decrease in Israel’s rough diamond imports during the first five months of 2023, experiencing a 40.7 percent year-on-year drop to 476.6 million dollars. Similarly, the import of polished diamonds decreased by 24 percent, totaling 1.14 billion dollars.

These figures indicate a persistent negative trend in the global and Israeli diamond industry, which has been ongoing since the outbreak of the Russia-Ukraine conflict, the ministry said, adding throughout the first five months of the year, all four major trade categories in the Israeli diamond industry experienced a downturn.

However, Ophir Gur, the supervisor of diamonds at the ministry, noted that though the diamond trade has been declining globally, there are expectations for a positive shift in the coming months due to improved sales in the Chinese market. ■