JERUSALEM, Jan. 22 (Xinhua) -- Israel's diamond trade has declined sharply in 2024, according to a report released by the country's Ministry of Economy and Industry on Wednesday.

Israel's rough diamond exports totaled 634.9 million U.S. dollars in 2024, a 24.1 percent drop from the previous year, while polished diamond exports fell 35.7 percent to 1.87 billion dollars.

Israel's imports of rough diamonds fell 13.1 percent year-on-year to 798.8 million dollars, while polished diamond imports fell 32.9 percent 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 demand for diamond.

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. Enditem

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