Israel’s exports of polished diamond have shown positive growth over the past 11 months, a statement issued by Israeli Economic Ministry revealed yesterday.
According to the statement, the net rough diamond imports reached about $1.68 billion, recording an eight per cent decline compared to the same period last year.
Meanwhile, the net rough diamond exports reached $1.46 billion during the same period, recording a 9.5 per cent decline compared to the same period last year.
Last month, net Israeli exports of rough diamonds to the UAE reached about $10.7 million – about 14 per cent of the total Israeli exports of rough diamonds in November.
Israel imported rough diamond worth $25.7 million from the UAE – 21 per cent of the total Israeli imports of rough diamond.
Israel recently began exporting diamonds to Bahrain and the Ministry of Economy and Industry expects this market to grow next year.
The global diamond industry has faced massive interruptions as a result of Russia’s war on Ukraine. US sanctions on Russia, the world’s third largest diamond exporter, includes diamond trade.
Israel’s diamond exports improved in February amid steady jewelry demand in key retail markets and the opening of a trade channel with Dubai, according to government data.
Polished shipments out of Israel jumped 24% year on year to $251.6 million for the month, with volume increasing 20% to 122,784 carats, the country’s Ministry of Economy and Industry reported last week. Rough exports rose 21% to $124 million, while volume slipped 9% to 188,317 carats.
The ministry attributed the growth to higher demand for studded jewelry in the US and China. As for rough trading, 16% of exports were to the United Arab Emirates (UAE), with which Israel reached a peace deal in August, the government noted. Before that, Israel was unable to ship goods directly to Dubai, an important center for rough tenders. The improvement also came despite a February lockdown in Israel, which affected the availability of flights, the ministry pointed out.
“The industry has cause for optimism after a difficult year,” said Ophir Gore, Israel’s diamond controller. “The data that the global diamond sector has seen in the past two months — especially in the American diamond and jewelry market — indicate demand has recovered. The first half of this year is expected to be particularly positive for the industry.”
Zimbabwe’s state owned Minerals Marketing Corporation opened a 316,000 carat diamond auction, which will close at the end of the week an official said.
“This is the third auction we have conducted this year as there were some administrative issues which were taking place within the organization,” MMCZ’s General Manager Tongai Muzenda said by phone on Wednesday. The last auction was held in July.
The auction, which began on Sept. 9 and will close on Sept. 13, has attracted buying interest from Belgium, Dubai, India, Israel and South Africa, but Muzenda declined to name the companies bidding, citing confidentiality.
Zimbabwe expects to produce 4.1 million carats of diamonds this year, up from 2.8 carats in 2018. At the peak of production in 2012, the southern African country’s output was 12 million carats.
