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Israeli Diamond Industry Shows Impressive Growth in 2021, Surpasses 2019 January 03, 2022 (0 comments)
Ramat Gan, Israel—The Israeli diamond industry showed an impressive recovery during 2021, surpassing figures for 2019. Image: the diamond district in Ramat Gan.
Import and export data published by the Israel Diamond Controller of the Ministry of Economy and Industry shows that net polished diamond exports in 2021 totaled $3.65 billion, an increase of 54% compared to 2020, and 7.5% compared to 2019. Net polished diamond imports amounted to $2.94 billion, an increase of 91% compared to 2020 and 21% compared to 2019.
Net exports of rough diamonds stood at $1.8 billion, an increase of 109% compared to 2020 and 25% compared to 2019. Net imports of rough diamonds to Israel totaled $2.07 billion, an increase of 94% compared to 2020 and 17.5% compared to 2019.
Ophir Gur, Diamond Controller and Director of the Diamond, Gemstones and Jewelry Administration at the Ministry of Economy and Industry said, "I do not think anyone, just a year ago, expected such a rapid recovery of the industry. The impressive figures reflect the worldwide growth trends in the diamond and jewelry industries, but also direct trade with the UAE was a significant factor in 2021." The two countries began direct trade at the end of 2020.
Ministry of Economy and Industry sources said that in order to ensure continued growth of the diamond industry, the Israeli government was considering implementing a Free Trade Zone for diamonds and new steps to strengthen trade with the UAE and the growing market in Qatar.