Israel Sees Further Jump in Diamond Trading

RAPAPORT... Israel's diamond shipments continued their recovery in July as the sector benefited from a global rebound in demand.Polished exports - after returns - jumped 68% year on year by value for the month, the country's Ministry of Economy and Industry reported Monday. Polished imports gained 120%.Rough imports leaped 89%, while rough exports more than tripled, boosted partly by the 2020 peace treaty with the United Arab Emirates (UAE). Israel exported around $15.5 million in rough diamonds to the UAE, representing about 11% of the total, and imported $23 million from the country - some 15% of all inbound rough shipments."From an overall perspective of the past year and the situation in the global market, the Israeli diamond industry has many reasons to remain optimistic, among the main ones being the recovery of the global diamond industry, price increases, and the drop in inventories at the major mining companies," said Ophir Gore, the nation's diamond controller.For the first seven months of 2021, polished exports rose 69% year on year to approximately $2.02 billion, while polished imports increased 145% to $1.63 billion. Rough imports surged 158% to $1.15 billion, with rough exports gaining 229% for a total of $1.05 billion.Image: The diamond district in Ramat Gan, Israel, in April 2021. (Shutterstock)