Israel’s Polished Diamond Exports Rose 25% in First 3 Q 2022

According to figures released by the Diamond Controller of the Israel Ministry of Economy and Industry, in the first three quarters of the year, Israel’s net polished exports rose 25% to $3.2 billion, compared to the same period last year. Net import of polished diamonds in the same period increased 19% to $2.5 billion. Net import of rough diamonds to Israel showed a minor increase of half a percent to $1.5 billion dollars in the first three quarters of 2022. Net export of rough diamonds in the same period decreased one percent to $1.3 billion dollars.

Israel’s diamond trade results for September showed an increase in three out of the four main trade categories, with rough diamond exports recording a significant decrease. In September 2022, net polished exports rose sharply by 112% compared to the same month last year, reaching $420 million. Net polished imports increased in September 2022 by almost 20% to reach $256 million. Net exports of rough diamonds declined by a significant 48% to $94, million while net imports of rough diamonds increased 28% to $109 million.

In September, the export of rough diamonds to the United Arab Emirates amounted to about $9 million dollars, which is about 9% of Israel's general export of rough diamonds in September. During the same period, $22 million of rough diamonds were imported from the United Arab Emirates to Israel, which is about 20% of the total rough diamonds imported to Israel in September.

Israel Diamond Exchange President Boaz Moldawsky said that he was very gratified by the positive results for the first three quarters of the year. “This is a volatile time for the diamond industry worldwide, with uncertainty concerning rising inflation in the U.S. and the war in Ukraine. We are still looking forward to a successful holiday season, although it is likely that it won’t reach the levels of 2021.”