It turns out that the Israelis are opening their wallets (Photo: ShutterStock)
A review of the Israeli Diamond Forum gives a glimpse into the buying habits of Israelis, among other things, regarding engagement rings, and the results?
Definitely surprising.
According to the review, the average cost of such a ring, or more precisely, the average amount spent by the average Israeli groom on its purchase, is about NIS 7,000.
For the said sum, the groom received a ring made of a natural diamond, with an average weight of about 3/4 carat.
Alongside this, the review reveals another figure: quite a few men in Israel purchased an engagement ring made of laboratory diamonds during the year, for an average amount of about NIS 8,500.
The value they received in this case is more worthwhile - a diamond with an average weight of one and a half carats.
The change in the buying habits of grooms in Israel is also well expressed through the distribution of the type of diamond.
The forum review shows that during the year 2021, most of the engagement rings sold (90 percent) included a natural diamond, but this year there was a dive in the scope of their sale, and a significant jump was recorded in the sale of laboratory diamonds.
Their rate stands at 70% - a figure that definitely beat the predictions of analysts and those dealing in the diamond field.
In addition, the diamond forum points out that since last February, when the war in Ukraine began and as a result, sanctions were imposed on Russia, the source of about a third of the rough diamonds in the world, by the USA and other countries, the global diamond industry is suffering (among the centers of which we can name Dubai, Mumbai, Antwerp and Ramat Gan) from great volatility.
In fact, many in the industry refuse to trade in Russian diamonds following the invasion of Ukraine, and after the mining giant Alrosa received sanctions from the US. However, aside from this refusal, reality shows that it is difficult to impose sanctions on the diamond trade: once they enter the supply chain, it is almost impossible to identify their origin. In practice , diamonds are sold in different packages of sizes and qualities and can be mixed and re-traded several times until they reach an engagement ring or pendant.
One and a quarter carat instead of three quarter carat.
Laboratory diamonds (Photo: ShutterStock)
The global storm in the field of diamonds obviously does not spare Israel.
The summary for the month of November published by the supervision of diamonds in the Ministry of Economy and Industry indicates declines in the main trade categories of the industry in Israel: import and export of polished and rough diamonds.
In total, in the first eleven months of the year, the net import of rough diamonds to Israel amounted to approximately 1.68 billion dollars, a decrease of approximately 8% compared to the corresponding period last year (in the month of November there was a decrease of approximately 30% compared to the month of November 2021) .
The net export of rough diamonds during that period amounted to approximately 1.46 billion dollars, a decrease of approximately 9.5% compared to the first eleven months in 2021 (when in November there was a sharp decrease of approximately 52% compared to the month of November last year).
Meanwhile, for the first time about a month ago, Israeli diamond exports to Bahrain began.
According to the diamond manager's estimate, it may reach millions of shekels in the coming year.
Diamond Factory notes that in 2021 there will be a significant increase in the diamond sector in Israel, mainly due to the Abraham agreements that paved the way for Israelis to trade directly with the United Arab Emirates and following the transformation of Dubai into the third largest diamond market in the world in recent years.
In addition, Qatar is establishing a free trade center for diamonds, which will compete with that of Dubai, and although there are no normalization agreements between it and Israel, a trade agreement in the field of diamonds was signed between the parties, so the premise is that a mixed trend will be recorded next year as well.
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The fighting in Ukraine also affects prices (Photo: Reuters)
Ofir Gore, the supervisor of diamonds at the Ministry of Economy and Industry: "Since the beginning of the war in Ukraine, the sanctions imposed on Russia, the increase in interest rates and all these effects on the global economy, the Israeli diamond industry, similar to the global one, has experienced great volatility, certainly compared to 2021 which was excellent for the industry, In Israel and around the world. The declines of the last few months can be attributed to the difficulty of finding a sufficient alternative to the rough diamonds from Russia, to the decline in sales and prices of diamonds in the world."
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