Israel’s diamond industry experienced an impressive recovery in 2021 from a COVID-induced crisis, with net exports of cut diamonds totaling $ 3.65 billion (AU $ 5 billion).
According to the Israel Diamond Comptroller of the Ministry of Economy and Industry, the export figures represented a 54% increase from 2020 and a 7.5% increase from the pre-COVID period 2019.
“I don’t think anyone, just over a year ago, expected such a rapid recovery in the industry,” said Ophir Gus, director of the ministry’s diamonds, gems and jewelry administration. .
The figures reflected increasing international trends in the diamond and jewelry industries, and cited initiatives such as “direct trade with the United Arab Emirates, which started at the end of 2020 and has been a major factor in 2021 ”.
Net imports of cut diamonds totaled US $ 2.94 billion (AU $ 4 billion), which increased significantly by 91% from 2020 and 21% from 2019.
Net rough diamond exports increased 109% to $ 1.8 billion (AU 2.5 billion) and an increase of 25% from 2019.
Net rough diamond imports increased 94%, valued at US $ 2.07 billion (AU $ 2.87 billion) from 2020 and increased 17.5% from pre-COVID period 2019.
Ministry officials have considered establishing free trade zones to boost Israel’s diamond industry, as well as strengthening trade ties with the United Arab Emirates and emerging Qatari markets.
“We are very satisfied with the excellent performance of the industry in 2021 and we are optimistic for 2022,” said Aviel Elia, CEO of the Israel Diamond Institute.
“We believe the first quarter will show strong demand for diamonds [the] US buyers and other diamond buyers are replenishing stocks that have been drastically reduced during the 2021 holiday season, ”he added.
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