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January 24, 2025Israel sees sharp decline in diamond trade in 2024
Israel’s diamond trade declined sharply in 2024, according to a report released by the country’s Ministry of Economy and Industry on 22 Jan, 2025.
Israel’s rough diamond exports totalled 634.9 million U.S. dollars in 2024, a 24.1 per cent drop from the previous year, while polished diamond exports fell 35.7 per cent to 1.87 billion dollars.
Israel’s imports of rough diamonds fell 13.1 per cent year-on-year to 798.8 million dollars, while polished diamond imports fell 32.9 per cent to 1.55 billion dollars.
The ministry noted that 2024 was an especially tough year for the Israeli diamond industry, and attributed the declines to the conflict that erupted in October 2023, which led to a sharp drop in inbound tourism and reduced diamond demand.
Additionally, the ministry pointed out that a weak global market and the growing demand for synthetic alternatives, particularly lab-grown diamonds, have also contributed to the decline in the diamond market.
