The Israeli diamond industry continued its impressive growth in the first quarter of 2022, reports the Israel Diamond Institute (IDI). According to figures released by the Economy and Trade Ministry’s Diamond Controller, the first quarter of 2022, including March, continued the positive trend recorded in the diamond industry over the past year, with increases in all four major trade categories.
In Q1 total net imports of rough diamonds to Israel amounted to about $494 million, an increase of 4% compared to the same period last year. Net rough diamond exports during Q1 amounted to $526 million, an increase of 35% over the first quarter of 2021.
Total net polished diamond imports in the first quarter of the year totalled $942 million, an increase of 45% compared to the corresponding quarter in 2021. Total net polished diamond exports, which reached $1.3 billion, showed an increase of 58% over Q1 2022.
In the past month, exports of rough diamonds to the United Arab Emirates amounted to $24 million, which constitutes about 14% of Israel’s total rough diamond exports in March. During this month, roughly $18.5 million-worth of rough diamonds were imported to Israel from the UAE, which is 9% of the total rough diamonds imported into Israel in March. Aviel Elia, Managing Director, IDI, said, “The positive growth trend of the diamond industry, which continued into the first quarter of 2022, proves the resilience of the world diamond industry, and the Israeli diamond industry in particular. The large-scale fighting in Ukraine has made the global situation today uncertain and volatile, and we cannot predict how this will affect the diamond industry in the coming months. We hope for a rapid end to the loss of lives and destruction and a return to stability going forward.”