The positive trend in the Israel diamond industry continued for the first half of 2022, according to figures released by the Israel Diamond Controller. All four major trade categories reported growth from January to June 2022, continuing the upward trend of the past 18 months.

In the first half of the year, net imports of rough diamonds into Israel amounted to $1.01 billion, an increase of 1.4% over the same period last year. Net rough diamond exports during that period totalled $966 million, an increase of 6.4% compared to the first half of 2021.

Net polished diamond imports in the first half of the year amounted to $1.78 billion, an increase of 28.7% compared to the corresponding half in 2021. Net polished diamond exports amounted to $2.23 billion, an increase of 30% compared to the first half of 2021.

In the past month, exports of rough diamonds to the United Arab Emirates amounted to about $36 million, which constitutes about 19% of Israel’s total rough diamond exports in June. During this month, approximately $64 million-worth of rough diamonds were imported from the UAE, which is about 30% of the total rough diamonds imported into Israel in June.

Israel Diamond Exchange President Boaz Moldawsky said, “We are very pleased to see the continued positive trend in the Israeli diamond industry, despite the challenges we are facing due to the war in Ukraine and economic uncertainty in our major markets. We will continue our intensive efforts on behalf of the Israeli diamond industry and hope that the second half of the year will show continued growth in the major parameters.”

A buzzing Israel Diamond Exchange trading floor. File Photo. Photograph by Jonathan Torgovnik/courtesy IDI