For the first time: the volume of Israeli diamond exports to Bahrain may reach millions of shekels in the coming year

The summary for the month of November published by the supervision of diamonds in the Ministry of Economy and Industry indicates decreases in the four main trade categories of the industry in Israel: import and export of polished diamonds and rough diamonds.

Basa"In the first eleven months of this 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 the same period amounted to approximately 1.46 billion dollars, a decrease of approximately 9.5% compared to the first eleven months of 2021 (when in November there was a sharp decrease of approximately 52% compared to the month of November last year).

The net import of polished diamonds in the first eleven months of the year amounted to approximately 2.96 billion dollars, an increase of approximately 11% compared to the corresponding period in 2021 (when in November there was a decrease of approximately 7.5% compared to November last year) while in the export of polished diamonds net , which amounted to approximately 3.7 billion dollars, an increase of approximately 9% was recorded compared to the corresponding period in 2021 (while in November 2022 a steep decrease of approximately 85% was recorded compared to November last year).

In the last month, the export of rough diamonds to the United Arab Emirates amounted to about 10.7 million dollars, which is about 14% of Israel’s general export of rough diamonds in November. This month, rough diamonds worth about 25.7 million dollars will be imported from the United Arab Emirates to Israel, which is about 21% of the total rough diamonds imported to Israel in November. Meanwhile, for the first time – Israeli diamond exports to Bahrain began. According to the Diamond Administration’s estimate, it may reach millions of shekels in the coming year.

Starting 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,"USA"In and other countries, the global diamond industry (whose centers include Dubai, Mumbai, Antwerp and Ramat Gan) suffers from great volatility which includes, to some extent, sales declines and price declines.

However, a source of some optimism can be found in US jewelry sales"B, that the data indicate an increase in them during the current holiday season and the online sales days that took place last November, compared to the corresponding period last year, which may lead to the replenishment of stocks there in the coming months.

Ofir Gor, 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 the effects of all these 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 internationally. 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".

Illustration. Image by Colin Behrens from Pixabay

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