News Bureau

Israel's Diamond Trade Recovers as it Emerges from Pandemic

Israel's diamond trade is showing clear signs of recovery, with steep year-on-year rises for imports and exports in the first quarter of 2021.

Net imports of rough diamonds were up 75.6 per cent to £476m, said the Ministry of Economy. And net exports of rough diamonds increased by 66.3 per cent to $389.8m

Israel was largely unaffected by the global pandemic during the corresponding quarter last year. The first social distancing rules were introduced on 11 March.

Almost all Covid restrictions have now been lifted as its vaccination program leads the world.

Net imports of polished diamonds rose 60.9 per cent in Q1 to $646.6m and net exports were up 11.5 per cent to $827.6m.  The average price per carat fell 10 per cent to $2,148.

Boaz Moldawsky (pictured), president of the Israel Diamond Exchange, said: "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." Courtesy- Idex.

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