Global Market Dip Dampens Israel Exports

RAPAPORT... Israel's diamond trade grew at a slower pace in April as the Russian conflict reduced global market sentiment.Polished exports for the month rose 38% year on year to $443.7 million after returns of unsold items, compared with a 58% jump in March, the Ministry of Economy and Industry reported last week. Export volume slumped 55% to 60,836 carats, with the average price more than tripling to $7,293 from $2,407 per carat a year earlier.While the month was "positive," the upward trend was "more restrained," probably because of the war between Russia and Ukraine and the resulting sanctions, explained Ophir Gore, Israel's diamond controller.Polished imports dropped 1.8% to $205.1 million. Rough exports slid 15% to $113.1 million, with rough imports up 2.7% at $121.3 million. Exports of polished diamonds rose 52% year on year to $1.75 billion in the first four months of the year.Image: A skyscraper in the diamond-exchange district of Ramat Gan, Israel, in July 2021. (Shutterstock)