Net polished diamond exports totaled $4,483 billion in 2018, compared to $3,044 billion in the same period last year.

Net rough diamond exports totaled $2,253 billion in 2018, compared with $ 2,656 billion in imports.

According to Danny Tal, Director of the Import Administration and Diamond Controller of the Ministry of Economics and Industry; in 2018, the Ministry of Economy and Industry launched a special program to support diamond merchants, which enables diamond traders to receive dollar credit from a state-guaranteed fund and launched a marketing support program of approximately NIS 3 million to assist in the development of new international markets and to promote exports of the industry.

Tal said that in light of the challenges of the industry and the strengthening of competition mainly from the United States, India, Hong Kong and Belgium in the areas of diamond polishing and trade, in 2018, regulatory easing was extended to diamond dealers, allowing them to expand their non-realized export returns and to make purchases after the diamond examination in a 30-day review process. This process enables traders to realize their relative advantage, professional knowledge and business connections in world trade.

Yoram Diamond, president of the Diamond Exchange: “After a few years of severe crisis in the diamond industry, we have recently felt a surge in optimism and hope for the future of the diamond industry. In fact, in 2018, there was a slight increase as compared to 2017, although the change in the method of measurement caused the actual increase not to be evident in the data, and according to the data, exports stabilized only slightly. Either way, I am very pleased that the sharp decline in exports has stopped and the signs that the industry is moving into a better era. I am hopeful that the situation in 2019 will only improve.

In recent years, from 2011 to 2017, the diamond industry has experienced a significant decline in the scope of its activity and in 2018, for the first time in many years, the volume of trade stabilized. The extension of the exploration period contributed to a 4.1% increase in imports of polished diamonds compared to 2017. Rough diamond exports rose by 1.1% while polished diamond exports fell by 2.5%.

The United States continues to lead the market for Israeli diamond exports, accounting for 48% of the industry’s export market, followed by Hong Kong with 28% of exports, Belgium 7%, Switzerland 8%, England 3% and the rest of the world 6%.

Tal also noted that in 2018 dozens of diamond merchants expanded their fields of activity to the field of jewelry design. Jewelry design and production has opened new markets for them, both local and international, and provides an opportunity for many traders in the industry to create a great deal of added value to the diamond trade and to improve the profits of the day-to-day business.

Dozens of jewelers participated this year in the initiative of the Blue and White headquarters in the Ministry of Economy and Industry and Google Israel to market blue and white jewelry. A visual marketing course was opened with more than twenty jewelers participating. Another course will be opened soon due to the high demand.

(YWN Israel Desk – Jerusalem)