International News
US jewellery, watches sales up by 4.4 per cent year-on-year
Sales of watches and jewelry in the US showed further signs of growth in December 2024, up 4.4 per cent year-on-year, according the latest figures from the US Department of Commerce. But there’s been a marked slowdown since the 10 per cent increases of last September and October.
November saw sales up by just 3.0 per cent, revised down from 5.8 per cent based on actual through-the-till transactions rather than estimates. October has been revised up from 9.7 per cent to 10.0 per cent.
The average monthly year-on-year growth for the full year is 5.4 per cent, so December was little below par. Having said that, it was the 15th consecutive month of growth after a long period (the end of 2022 and much of 2023) of falling sales.
International News
Israel’s Diamond Industry Hits Record Lows
From January To June 2026, Israel Exported Only $2.4 Billion In Diamonds. At Its Peak In 2015, That Figure Was Around $7 Billion—More Than Three Times Higher.
Israel’s diamond exports have dropped dramatically to their lowest levels in history. Reflecting these difficult times, the head of the Israel Diamond Exchange has announced his resignation.
Key Numbers
- Massive Drop in Exports: From January to June 2026, Israel exported only $2.4 billion in diamonds. At its peak in 2015, that figure was around $7 billion—more than three times higher.
- Total Trade Shrinking: Total industry trade (combining imports and exports) fell to $4 billion, down from $12 billion during its best years.
Why Is the Industry Struggling?
- Competition from Dubai: Dubai has become a major global diamond hub, drawing traders away from Israel with lower tax rates.
- Lab-Grown Diamonds: Man-made diamonds are significantly cheaper than natural ones, taking away a large portion of the market.
- New U.S. Tariffs: A new 10% import tax on diamonds was recently introduced by U.S. President Donald Trump. Since the U.S. buys about 20% of Israel’s diamond exports, this tax hits the local industry hard.
- Shifting Consumer Habits: Younger buyers are spending more money on experiences rather than luxury jewelry. Additionally, diamond demand in China has slowed down significantly.
Global Impact & What’s Next
The downturn isn’t just affecting Israel; it is a global issue. Even De Beers—one of the world’s biggest diamond companies—has been put up for sale for the first time ever.
Despite these setbacks, Israel still holds key advantages in the market, such as strong client relationships and deep expertise in cutting large, rare, and colored diamonds. Israeli officials are currently negotiating with the U.S. to lower the new tariffs and working with their own government for tax relief to help the industry bounce back.
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