The Israeli Diamond Industry is showing clear signs of recovery after the coronavirus pandemic took a heavy toll during the past year.
Figures for the first quarter of 2021, published by the Israel Ministry of Economy, show a significant increase in the volume of activity in leading trade categories: rough diamond exports, rough diamond imports, polished diamond imports and polished diamond exports.
Data for the quarter show that the net imports of rough diamonds to Israel totalled $476 million, an increase of 75.6% over the corresponding period in 2020 before the pandemic was felt in Israel. Also, the net exports of rough diamonds increased by 66.3% over Q1 2020 totalling $389.8 mn.
The net imports of polished diamonds increased by 60.9% over the same period in 2020 amounting to $646.6 mn, and the net exports of polished diamonds increased by 11.5% compared to the same period in 2020, totalling $827.6 mn.
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.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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