Israel’s diamond trade experienced another month of significant decline in July, with rough diamond imports plummeting by 46 percent and exports dropping by 44 percent.
Ofir Gore, the diamond controller at the Ministry of Economy and Industry, noted, “The global diamond industry is still in crisis,” underscoring the ongoing challenges faced by the sector.
For the period of January to July, net imports of rough diamonds reached $661 million, reflecting a sharp decline of 45 percent. The ministry did not provide a detailed monthly breakdown for this period.
Rough diamond exports over the seven-month span totaled $515 million, witnessing a substantial decrease of 53 percent. In July alone, the decline was 44 percent.
While the trade in polished diamonds was also impacted, the impact was less severe. Net imports during the first seven months amounted to approximately $1.57 billion, marking a 24 percent year-on-year decrease. For July, there was a 34 percent decrease.
Exports of polished diamonds over the seven months amounted to $1.9 billion, down 25 percent. In July, the decline was 31 percent.
Ofir Gore observed that the declines experienced in Israel align with the challenges faced by the global diamond industry. It is anticipated that signs of recovery in the global diamond market might emerge around the last quarter of the year.
