Israel's Diamond Trade Now Stronger than Pre-Pandemic 2019
January 05, 22
(IDEX Online) - Israel's diamond industry has bounced back from pandemic disruption, with net both exports and imports in 2021 surpassing those of 2019.
Its position has been strengthened by trade with UAE, officially sanctioned by the Abraham Accords of August 2020.
Net polished diamond exports in 2021 totaled $3.65bn, an increase of 54 per cent compared to 2020, and 7.5 per cent compared to 2019.
Net polished diamond imports were $2.94bn, an increase of 91 per cent compared to 2020 and 21 per cent compared to 2019.
Net exports of rough diamonds stood at $1.8bn, an increase of 109 per cent compared to 2020 and 25 per cent compared to 2019. Net imports were $2.07bn, an increase of 94 per cent compared to 2020 and 17.5 per cent compared to 2019.
Ophir Gur, Israel's Diamond Controller, said: "I do not think anyone, just a year ago, expected such a rapid recovery of the industry.
"The impressive figures reflect the worldwide growth trends in the diamond and jewelry industries, but there were also local reasons, first and foremost the direct trade with the UAE, which began at the end of 2020 and was a significant factor in 2021."
The Ministry of Economy and Industry is understood to be considering a Free Trade Zone for diamonds and is eyeing the growing market in Qatar.
Pic shows the Israel Diamond Exchange