Israel's Rough Diamond Trade Halved by Slowdown
July 09, 23
(IDEX Online) - Israel's trade in rough diamonds has halved during the first half of this year, according to new government figures.
Net imports were down 45 per cent compared with H1 2022 to $555m and net exports fell 54 per cent to $444m.
Trade in polished goods has also been hit by the global slowdown, but not as badly.
Net imports were $1.38bn in the first half of 2023, down 22 per cent year-on-year, said the Ministry of Economy and Industry. Net polished exports were down 24 per cent to $1.7bn.
During June, UAE accounted for over a quarter (26 per cent) of Israel's total rough imports, at a value of $21m.
"The continuation of the global trend of a decrease in the diamond trade is evident in the figures for the first half of the year, which are negative in terms of the industry in the world and in Israel," said Ofir Gur, supervisor of diamonds at the Ministry of Economy and Industry.
"However, a certain moderation of the declines can be seen, especially in the field of polished diamonds. It is estimated that towards the end of the year the negative trend will be reversed, due to the recovery in sales in the Chinese market."
Pic shows Israel Diamond Exchange