Israel reported robust diamond trade in the first quarter of 2022 on the back of sustained demand amid macroeconomic and geopolitical challenges.

Citing data from the Economy and Trade Ministry’s Diamond Controller, the Israel Diamond Institute (IDI) said rough diamond imports reached US$494 million in Q1 2022, up 4 per cent from the same period last year. In March alone, imports rose 3 per cent from 2021 levels. Q1 rough diamond exports reached US$526 million, an increase of 35 per cent from 2021 figures. March exports were 11 per cent higher from last year.

Polished diamond imports hit US$942 million, up 45 per cent year on year. March exports increased by 13 per cent from the same month in 2021. Polished diamond exports were US$1.3 billion, 58 per cent higher than Q1 2021. In March 2022, Israel recorded an uptick of 105 per cent in exports from March last year.

IDI Managing Director Aviel Elia explained that the growth trend is testament to the resilience of the diamond industry. He added, “The large-scale fighting in Ukraine has made the global situation 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.”