The Israeli diamond industry showed an impressive recovery during 2021, and even surpassed the figures for 2019, according to import and export data published by the Israel Diamond Controller of the Ministry of Economy and Industry.
By 2021, net polished diamond exports totalled $3.65 bn, an increase of 54% compared to 2020, and 7.5% compared to 2019. Net polished diamond imports amounted to $2.94 bn, an increase of 91% compared to 2020 and 21% compared to 2019.
Net exports of rough diamonds stood at $1.8 bn, an increase of 109% compared to 2020 and 25% compared to 2019. Net imports of rough diamonds to Israel totalled $2.07 bn, an increase of 94% compared to 2020 and 17.5% compared to 2019.
Ophir Gur, Diamond Controller and Director of the Diamond, Gemstones and Jewelry Administration said:” The impressive figures reflect the worldwide growth trends in the diamond and jewellery industries, but also due to the direct trade with the UAE, which began at the end of 2020.”
Aviel Elia, Managing Director-IDI said: We believe that the first quarter will show strong demand for diamonds as the US and other diamond buyers replenish inventories that were vastly reduced during the 2021 holiday season."
The Ministry of Economy and Industry sources said that the government was considering implementing a Free Trade Zone for diamonds, and also taking steps to strengthen trade with the UAE and the growing market in Qatar.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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