Four months since the Hamas onslaught, sentiment in the Israeli diamond trade is weak. But this is mainly because of the slowdown in sales to US and China and the uncertainty about polished prices.
Boaz Moldawsky, President -Israel Diamond Exchange estimates that around 80% of the Israeli trade’s current difficulties result from the global slump in the diamond market and 20% from the war. “We had this problem [of the global downturn], and then on top of that, our problem,” says Moldawsky. “The situation is not so good, but as always, we try to be optimistic, try to find solutions. We never give up.”
Israel’s polished exports plummeted 93% year on year to $11.7 million in December 2023 on a net basis — after deducting returned goods — according to data from the Ministry of Economy and Industry. That rounded off a negative year in which the country’s polished exports fell 25% to $2.91 billion. The trend eased in January 2024, with shipments dropping 21% year on year to $253.6 million.
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