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The Israeli Diamond Industry continues substantial growth in the first three quarters of 2021

Industry looks forward to strong holiday season

Israel’s diamond figures for the first three quarters of the year, released by the Diamond Controller of the Israel Ministry of Economy and Industry, show substantial growth in diamond imports and exports. The growth continues the positive trend of the last quarter of 2020.

 

In the first three quarters of the year, net imports of rough diamonds to Israel amounted to $1.47 billion, an increase of 137% compared to the same period last year. Net rough diamond exports during this time totaled $1.34 billion, an increase of 160% compared to the corresponding period in 2020.

 

Israel international diamond week
Credit: 3photographers

Net polished diamond imports in the first three quarters of the year amounted to $2.1 billion, an increase of 121% compared to the same period in 2020, while net polished diamond exports, which reached $2.57 billion, an increase of 49% compared to the corresponding period in 2020.

 

In September 2021, which included the Jewish holiday season, declines were reported in two of the four trade categories. Net imports of rough diamonds decreased 13% to $85 million and net polished exports were down by 42% to $197 million. Net polished imports rose 38% to $214 million, while net rough diamond exports rose 85% to $180 million.

 

Israeli Diamond Exchange
Credit: IDI Archive

In the past month, exports of rough diamonds to the United Arab Emirates amounted to $21.3 million, which is about 12% of Israel’s total rough diamond exports in September. At the same time, $19.2 million worth of rough diamonds were imported to Israel from the United Arab Emirates, about 22.5% of total rough diamonds imported into Israel in September.

 

Arnon Juwal, Chairman of the Israel Diamond Institute (IDI), expressed satisfaction with the positive trend. “The Israeli Diamond Industry continues to show a robust recovery, demonstrating its underlying strength and flexibility. With the solid demand we are seeing in the United States and in Asia, we look forward to a strong holiday season and continued growth until the end of the year.

 

 



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