Israel's Polished Exports Surge

RAPAPORT... Israel's diamond trade saw robust figures in the first quarter as the industry's recovery continued, though the Russia crisis has raised questions about how long the trend will last.Polished exports - after returns of unsold items - soared 58% year on year to $1.31 billion for the three months, the country's Ministry of Economy and Industry reported last week. Polished imports increased 46% to $942.1 million. Rough imports rose 3.8% to $494.4 million, while rough exports jumped 35% to $526.5 million."The positive growth trend of the diamond industry, which continued into the first quarter of 2022, proves the resilience of the [global] diamond industry, and the Israeli diamond industry in particular," said Aviel Elia, managing director of the Israel Diamond Institute (IDI). "The large-scale fighting in Ukraine has made the global situation today uncertain and volatile, and we cannot predict how this will affect the diamond industry in the coming months."In March, polished exports more than doubled year on year to $498.6 million from $242.1 million a year earlier. While those numbers show the trade is still going strong, April data will likely reflect the impact of international sanctions on Russia, added Ophir Gore, Israel's diamond controller.Image: Polished goods in a case at the 2016 edition of International Diamond Week in Israel. (Shutterstock)