The exports of Israel's rough diamond increased by 66.4 percent year on year in the first quarter of 2021, bouncing back from a sharp contraction in 2020 caused by the COVID-19, said the country's industry ministry on Tuesday. From January to March in 2021, Israel's rough diamond exports have totaled 389.8 million U.S. dollars, compared with 234.3 million dollars during the same period in 2020. The ministry explained that the increase was largely boosted by the United Arab Emirates (UAE)'s purchase of rough diamonds from Israel, after the two countries agreed to normalize ties in September 2020.
In the first quarter, the country's exports of rough diamonds to the UAE reached about 56 million dollars, or 14.4 percent of Israel's total rough diamond exports. With advanced technologies and experienced experts, Israel is one of the world's hubs for trading, cutting, and polishing diamonds.