Friday Jul 18, 2025
HE
NEWSLETTER
www.israelhayom.com
  • Home
  • News
    • Israel
    • Israel at War
    • Middle East
    • United States
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
  • In Memoriam
www.israelhayom.com
  • Home
  • News
    • Israel
    • Israel at War
    • Middle East
    • United States
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
  • In Memoriam
www.israelhayom.com
Home Economy Business & Finance

2021 puts sparkle back into diamond industry following COVID, ministry reports

The normalization of ties between Israel and the United Arab Emirates has led to a much-anticipated boost in trade between the Middle East's two main diamond centers.

by  Gilad Zwick
Published on  04-08-2021 09:23
Last modified: 04-08-2021 09:25
2021 puts sparkle back into diamond industry following COVID, ministry reportsDDE website

The Israeli and Dubai diamond exchanges inked a trade agreement two days after the nations announced normalization | Screenshot: DDE website

Share on FacebookShare on Twitter

Israel's diamond industry is recovering from the coronavirus pandemic exceptionally well, a report published Tuesday by the Economy Ministry revealed.

Follow Israel Hayom on Facebook and Twitter

According to ministry data, the first quarter of 2021 saw a significant increase in all four categories of the diamond trade.

Rough diamond import totaled $476 million, a 75% increase compared to the same period of time the year before. March alone saw an 87% increase compared to the same month in 2020.

Rough diamond export totaled $390 million, a 66% increase compared to last year, with a 260% increase in March.

Polished diamond import totaled $647 million, an increase of about 61% compared to the year before, with a 250% increase in March.

Polished diamond export totaled $828 million, an 11.5% increase compared to the first quarter of 2020. March saw an increase of 385%.

The normalization of ties between Israel and the United Arab Emirates also brought new sparkle to the trade. Rough diamond export to the UAE totaled $56 million, which makes up 14% of Israel's total rough diamond export in the first quarter.

Rough diamond imports from the UAE to Israel totaled $38 million, which constitutes 8% of all rough diamond imports into Israel in the first quarter of 2021.

There was no direct diamond trade yet between the Jewish state and the Emirates in the first quarter of 2020, considered the Middle East's two main diamond centers, as the Abraham Accords were reached in the summer of that year.

"There's cause for optimism after what was a difficult year for the diamond industry," Ofir Gur, head of the Economy Ministry's diamond and jewelry administration, said.

"Data from the global diamond industry and specifically the American and Chinese diamond and jewelry markets in recent months indicate a rapid recovery. We estimate that just like the first quarter of this year, the second one is expected to be favorable for the industry as well, if there'll be no surprises. "

 Subscribe to Israel Hayom's daily newsletter and never miss our top stories!

Tags: exportimportTrade

Related Posts

Netflix earnings: 46% profit surge amid subscriber growthREUTERS/Patrick T. Fallon

Netflix earnings: 46% profit surge amid subscriber growth

by Erez Linn

Netflix exceeded second-quarter expectations and boosted its annual revenue projections, driven by subscriber growth, price hikes, and advertising momentum, with...

Dow climbs 229 points as robust earnings and economic data fuel investor optimismAFP / Angela Weiss

Dow climbs 229 points as robust earnings and economic data fuel investor optimism

by Erez Linn

Corporate results exceed expectations while retail sales and employment figures reinforce economic strength

Investing guru explains Wall Street's 'greatest show on earth'Getty Images / urfinguss

Strategy executive claims company can survive 98% Bitcoin crash

by Erez Linn

Bitcoin strategy manager addresses social media concerns about financial resilience amid $71 billion BTC holdings

Menu

Analysis 

Archaeology

Blogpost

Business & Finance

Culture

Exclusive

Explainer

Environment

 

Features

Health

In Brief

Jewish World

Judea and Samaria

Lifestyle

Cyber & Internet

Sports

 

Diplomacy 

Iran & The Gulf

Gaza Strip

Politics

Shopping

Terms of use

Privacy Policy

Submissions

Contact Us

About Us

The first issue of Israel Hayom appeared on July 30, 2007. Israel Hayom was founded on the belief that the Israeli public deserves better, more balanced and more accurate journalism. Journalism that speaks, not shouts. Journalism of a different kind. And free of charge.

All rights reserved to Israel Hayom

Hosted by sPD.co.il

  • Home
  • News
    • Israel at War
    • Israel
    • United States
    • Middle East
    • Sports
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
    • Environment & Wildlife
    • Health & Wellness
  • In Memoriam
  • Subscribe to Newsletter
  • Submit your opinion
  • Terms and conditions

All rights reserved to Israel Hayom

Hosted by sPD.co.il

Newsletter

[contact-form-7 id=”508379″ html_id=”isrh_form_Newsletter_en” title=”newsletter_subscribe”]

  • Home
  • News
    • Israel at War
    • Israel
    • United States
    • Middle East
    • Sports
  • Opinions
  • Jewish World
    • Archaeology
    • Antisemitism
  • Lifestyle
    • Food
    • Travel
    • Fashion
    • Culture
  • Magazine
    • Feature
    • Analysis
    • Explainer
    • Environment & Wildlife
    • Health & Wellness
  • In Memoriam
  • Subscribe to Newsletter
  • Submit your opinion
  • Terms and conditions

All rights reserved to Israel Hayom

Hosted by sPD.co.il

iiq_pixel