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Israel Polished Exports More Than Double

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Joshua Freedman • 03-10-2022

Israel’s diamond shipments jumped sharply in September, reflecting annual variation in the timing of the Jewish holidays as well as the return of the main Far East trade show.

Polished exports more than doubled to $420 million from $197.5 million a year earlier, the country’s Economy and Industry Ministry reported Monday. Volume rose 60% to 128,540 carats, with the average export price gaining 33% to $3,267 per carat, according to Rapaport calculations. The figures are on a net basis, meaning they exclude goods that returned to Israel, usually because they went unsold.

Trading slumped in September 2021 because of the Rosh Hashanah, Yom Kippur and Sukkot holy days, which all occurred during that month. In 2020, the festivals straddled September and October, with the schedule similar this year.

In addition, last month featured the Jewellery & Gem World (JGW) fair in Singapore, which attracted visitors from global locations. The show, which is usually in Hong Kong, has not taken place in its traditional venue and at full scale since before the Covid-19 pandemic.

Israel’s polished imports also increased, climbing 20% year on year to $256.5 million. Rough imports advanced 28% to $108.8 million, while rough exports slid 48% to $93.6 million.

Polished exports rose 25% year on year to $3.22 billion for the first nine months of 2022. Rough imports crept up 0.5% for a total of $1.48 billion.

Image: The diamond district in Ramat Gan, Israel, in April 2021. (Shutterstock)

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