Global Crisis Hits Israel's Diamond Trade
August 22, 23
(IDEX Online) - Israel's diamond trade suffered another month of severe decline in July, with rough imports down by 46 per cent and exports down by 44 per cent.
"The global diamond industry is still in crisis," said Ofir Gore, diamond controller at the country's Ministry of Economy and Industry.
Net imports of rough diamonds to Israel were $661m for January to July, a decrease of 45 per cent. The ministry did not provide a monthly breakdown.
Rough exports for the seven months totaled $515m, a decrease of 53 per cent. The decrease in July was 44 per cent.
Trade in polished diamonds has been hit, but less severely.
Net imports in the first seven months amounted to approximately $1.57bn, down 24 per cent year-on-year, and were down 34 per cent in July.
Exports for the seven months were $1.9bn, down 25 per cent. They were down 31 per cent in July.
"The declines in Israel are in line with what is happening in the industry worldwide," said Gore. "The estimates are that the global diamond market will begin to show signs of recovery around the last quarter of the year."
Trade with the UAE - officially at zero before the Abraham Accords - now accounts for 27 per cent of Israel's total rough imports and exports.