Israel experienced a significant decline in its foreign trade of rough and polished diamonds in the first five months of 2023, according to the Israeli Ministry of Economy and Industry.
Israel's rough diamond exports plummeted by 52 per cent compared to the previous year, totalling $374.2 mn. Similarly, the export of polished diamonds witnessed a decline of 10.9 per cent, amounting to $1.71 bn.
The data further revealed a notable decrease in Israel's rough diamond imports during the first five months of 2023, experiencing a 40.7 per cent y-o-y drop to $476.6 mn. Similarly, the import of polished diamonds decreased by 24 per cent, totalling $1.14 bn.
Ophir Gur, the supervisor of diamonds at the ministry, noted that though the diamond trade has been declining globally, there are expectations for a positive shift in the coming months due to improved sales in the Chinese market.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
