Israel’s rough diamond trade fell 46% year-on-year in July, while exports slipped 44% year-on-year during the month, IDEX Online reports.
From January to July 2023, net imports of rough fell 45% year-on-year to $661 million. Rough exports decreased 53% to $515 million during the same period. In July, the decrease was 44%.
From January to July 2023, net imports were down 24% to $1.57 billion. In July, net imports slipped 34%. Exports for January-July totaled $1.9 billion, a drop of 25% year on year. They were down 31% in July.
Trade with the UAE now accounts for 27% of Israel’s total rough imports and exports of diamonds.
Ofir Gore, diamond controller at the Ministry of Economy and Industry, commented: “The global diamond industry is still in crisis. The declines in Israel are in line with what is happening in the industry worldwide. The estimates are that the global diamond market will begin to show signs of recovery around the last quarter of the year.”
