The Israeli Diamond Industry Enjoys “Surge in Activity” in Q1 2021
The Israeli Diamond Industry is showing clear signs of recovery in all areas of activity, according to a press release by the Israel Diamond Exchange (IDE). All the leading trade categories – rough diamond exports, rough diamond imports, polished diamond imports and polished diamond exports – have shown “a significant increase in the volume of activity”.
According to the report, net imports of rough diamonds to Israel totaled $476 million, an increase of 75.6% over the corresponding period in 2020, before the pandemic was felt in Israel. Net exports of rough diamonds increased by 66.3% over Q1 2020, totaling $389.8 million. Net imports of polished diamonds increased by 60.9% over the same period in 2020, amounting to $646.6 million. Net exports of polished diamonds increased by 11.5% compared to the same period in 2020, totalling $827.6 million.
According to the press release, “The Israel Diamond Exchange (IDE) is among the first diamond exchanges in the world to show signs of recovery. During the past year IDE worked tirelessly to strengthen its members and to bring about the recovery of the industry, and the encouraging data reflect the recovery that has taken place over the past few months”.
IDE President Boaz Moldawsky said: “In the past year, we have worked hard to stabilize the industry, to preserve the trade and sustain our members. Despite the pandemic we have been able to strengthen our trade ties around the world and even form new ties, within the framework of the peace agreements, with markets such as Dubai, which has helped us expand our activity. The current data show that the industry is on the right path and we expect the trend to continue during the next quarter as well”.