The Israeli diamond industry showed an impressive recovery in 2021 and even surpassed figures for 2019, with net polished diamond exports having reached $3.65-billion.

This was a 54% increase compared with 2020 and a 7.5% increase compared with 2019.

The Israel Diamond Controller of the Ministry of Economy and Industry reports that net polished diamond imports amounted to $2.94-billion, an increase of 91% compared with the net polished diamond imports in 2020 and 21% compared with the figure in 2019.

Net exports of rough diamonds stood at $1.8-billion in 2021, which was 109% higher than in 2020 and 25% higher than in 2019. Net imports of rough diamonds to Israel totalled $2.07-billion – an increase of 94% compared with net imports of rough diamonds in 2020 and 17.5% in 2019.

Ministry of Economy and Industry diamond controller and director Ophir Gur says no one expected such a rapid recovery of the industry and that the impressive figures reflect the worldwide growth trends in the diamond and jewellery industries.

However, there were also supportive factors locally, including an increase in trade with the United Arab Emirates towards the end of 2020, which carried on in 2021.

Israel Diamond Institute MD Aviel Elia is optimistic about the diamond sector’s performance this year, stating that diamond buyers are replenishing inventories that were vastly reduced during the 2021 holiday season.

The Israel government is considering implementing a Free Trade Zone for diamonds.