Strong Business: Israel’s Diamond Exports Have Increased in the Last Five Months

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“The Israeli diamond sector has many reasons to stay optimistic,” says Israel’s diamond controller.

According to a report published by the Economy and Industry Ministry’s Diamonds, Special Stones, and Jewelry Administration, Israel’s polished diamond exports increased 68 percent year over year to $1.41 billion from January to May 2021. Rough imports totaled $755.5 million during that time period, compared to $303.3 million in the same time period in 2020.

In May 2021, polished shipments more than tripled year-on-year to total $264.2 million. By volume, polished exports rose to 110,671 carats, compared to 37,294 carats a year earlier. Average carat price jumped 19% year-on-year to $2,387. Polished imports totaled $274.7 million, compared to $38.6 million a year before. Rough imports rose 595% year-on-year to $161.1 million. Rough exports totaled $137.9 million in May 2021 compared to $12.2 million in May 2020.

“The Israeli diamond business has many reasons to stay optimistic,” said Ophir Gore, the country’s diamond controller. “Among the key reasons are the global diamond industry’s revival, price hikes, and inventory reduction at the big mining corporations, particularly De Beers and Alrosa.”