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Israel Trade Drops as Global Market Slows

Aug 11, 2022 9:34 AM   By Joshua Freedman
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Israel’s diamond exports saw a rare decline in July amid a slowdown in the global market.

Polished shipments out of the country — after returns of unsold goods — fell 7% year on year to $296.6 million for the month, the Ministry of Economy and Industry reported last week. The volume of exports dropped 12% to 131,799 carats, and the average price increased 6% to $2,251 per carat.

While gross exports increased, the statistics showed a sharp rise in the quantity of diamonds that went overseas but were sent back.

Polished imports increased 19% to $293.5 million. Rough exports slid 10% to $127.9 million, with rough imports up 29% at $196.7 million.

“After around a year and a half of consecutive increases, the past few months have shown signs of uncertainty about the global situation,” said Ophir Gore, the nation’s diamond controller, noting that these concerns were present in Israel too. These factors include the war in Ukraine, sanctions on Russia and a lack of trading with the country, inflation around the world, and the threat of a recession, Gore added.

“I believe the situation will become clearer in the coming months,” he said.

For the first seven months of 2022, polished exports jumped 25% to $2.53 billion, while rough exports advanced 4% to $1.09 billion.

Image: The Israel diamond-exchange district in Ramat Gan. (Shutterstock)
Tags: exports, imports, Israel, Israel Diamond Exchange, Joshua Freedman, Ministry of Economy and Industry, Ophir Gore, polished exports, polished imports, rough exports, rough imports
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