After a difficult period for the prestigious industry: a jump in diamond exports in the first quarter of the year • Achievement: Rough diamonds were imported in the amount of nearly half a billion dollars - an increase of about 75% from the corresponding quarter last year
Diamonds on the stock exchange
Photo:
Reuters
The diamond industry is recovering from the corona crisis:
the first quarter of 2021 was crowned a success for diamond merchants in Israel, following the positive trend from the end of 2020.
This quarter saw significant increases in all four major trade categories, in a quarterly summary published by the Ministry of Economy and Industry.
In the first quarter of the year, the net import of rough diamonds to Israel was about $ 476 million, an increase of about 75% compared to the same period last year.
In March alone, there was an increase of about 87% compared to last year.
Net exports of rough diamonds during that period amounted to about $ 390 million, an increase of about 66% compared to the first quarter of 2020, and in March alone there was an increase of about 260% compared to March last year.
Net polished diamond imports in the first quarter of the year amounted to about $ 647 million, an increase of about 61% compared to the corresponding quarter in 2020, and in March alone there was an increase of about 250% from the corresponding month a year earlier, while polished diamond exports were net , Which amounted to about $ 828 million, an increase of about 11.5% compared to the corresponding quarter in 2020. Last March there was an increase of about 385%.
During the first quarter of the year, rough diamond exports to the UAE totaled approximately $ 56 million, representing approximately 14% of Israel's total rough diamond exports in the quarter.
In this quarter, $ 38 million worth of rough diamonds will be imported from Israel from the United Arab Emirates, which constitutes about 8% of the total rough diamonds imported into Israel in the quarter.
In the first quarter of 2020, of course, there was no direct diamond trade between Israel and the United Arab Emirates, which, like the Ramat Gan Stock Exchange, is one of the largest diamond trade centers in the world, thus directly contributing to the strengthening of the Israeli diamond industry.
"There is reason for optimism"
Ofir Gur, Director of the Diamond, Gems and Jewelry Administration and the Supervisor of Diamonds at the Ministry of Economy and Industry, said that "After a difficult period for the industry that lasted a relatively long period of time, I am happy to announce a very successful quarter for the industry.
"Overall, the Israeli diamond industry has reasons for optimism after a difficult period. The data recorded in the global diamond industry and specifically in the US and Chinese diamond and jewelry market in recent months, indicate a rapid recovery. We estimate that like the first quarter, this year is expected to be, if There will be no surprises, quite positive for the industry. "
