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Israel's exports of polished diamond up since start of this year

Rough diamonds for sale at Koin International, a diamond and gemstone tender house based in Dubai on 3 June 2021 in Dubai, United Arab Emirates. [Andrea DiCenzo/Getty Images]
Rough diamonds for sale at Koin International, a diamond and gemstone tender house based in Dubai on 3 June 2021 in Dubai, United Arab Emirates. [Andrea DiCenzo/Getty Images]

Israel's exports of polished diamond have shown positive growth over the past 11 months, a statement issued by Israeli Economic Ministry revealed yesterday.

According to the statement, the net rough diamond imports reached about $1.68 billion, recording an eight per cent decline compared to the same period last year.

Meanwhile, the net rough diamond exports reached $1.46 billion during the same period, recording a 9.5 per cent decline compared to the same period last year.

Last month, net Israeli exports of rough diamonds to the UAE reached about $10.7 million – about 14 per cent of the total Israeli exports of rough diamonds in November.

Israel imported rough diamond worth $25.7 million from the UAE – 21 per cent of the total Israeli imports of rough diamond.

Israel recently began exporting diamonds to Bahrain and the Ministry of Economy and Industry expects this market to grow next year.

The global diamond industry has faced massive interruptions as a result of Russia's war on Ukraine. US sanctions on Russia, the world's third largest diamond exporter, includes diamond trade.

READ: Israel gets $171bn in European investment for illegal settlements

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