Israel’s Polished Trading Surges Again
RAPAPORT. Israel’s diamond exports rose sharply in May as the global industry continued to recover and polished prices climbed, according to government data.
Polished shipments after returns more than tripled to $264.2 million from $75 million a year earlier, reflecting a rebound from the 2020 coronavirus crisis, the Ministry of Economy and Industry reported Tuesday.
Israel has almost entirely returned to normal following a successful vaccination drive, enabling the diamond trade to capitalize on buoyant retail demand in the US and China. May “continued the meteoric growth trend that we have witnessed in the Israeli diamond industry in recent months,” said Ophir Gore, the nation’s diamond controller.
India Launches New Trade Fair in Dubai
RAPAPORT. India’s major jewelry trade body has launched a new exhibition in the United Arab Emirates (UAE), expressing optimism that flights between the two countries will resume this summer.
The first International Gem & Jewellery Show (IGJS) will take place from August 14 to 16 in Dubai, India’s Gem & Jewellery Export Promotion Council (GJEPC) said Wednesday. It will have space for 150 booths with priority going to GJEPC members and will target buyers from across the Middle East and beyond.
Air travel between India and the Middle East is currently suspended because of Covid-19. However, the GJEPC said it was “hopeful” that India’s decline in infections would enable flights to resume by the end of June.
A 10.59-carat diamond ring was the top seller at the Jewels and Jadeite auction at Phillips in Hong Kong.The square emerald-cut, D-color, flawless diamond went for $968,039, well above its estimate, at the June 5 sale, Phillips said Sunday. Another flawless diamond an emerald-cut, 8.06-carat,.
An Art Deco Cartier diamond and rock crystal brooch sold for 10 times its high estimate, becoming one of the top five lots ever sold at Chiswick Auctions.The piece was formerly owned by New York socialite Augusta McCagg, a relative of the Vanderbilt family, famous for its shipping and railroad.
RAPAPORT. India is experiencing a shortage of diamonds as rough supply has dropped and polished goods remain stuck at the Gemological Institute of America (GIA).Traders are struggling to source rough, and face rising prices when buying from miners and at tenders, Indian manufacturers told.