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Traders Optimistic at Israel Diamond Week

As reported by Rapaport, sentiment was strong at International Diamond Week in Israel as traders displayed optimism about the market and noted shortages were supporting prices.

“It’s a positive market, and we are happy to be here,” said Digesh Shroff, senior sales executive at Venus Jewel, one of many India-based traders who came to exhibit at the fair.

“With availability of such polished production being less, the demand is high,” he noted. “There is all-round demand from Israel, America, Asia, which is a positive sign.”

“High rough-diamond prices are resulting in the lower manufacturing levels and limited polished entering the market, according to an Israel-based trader who wished to remain anonymous. He observed shortages in the I-to-K color ranges, and VVS-to-VS clarities.” says Rapaport.

“There are not a lot of goods on the market,” he said. “Either rough prices will come down, or polished will go up. I think polished prices going up is more likely.”

“The market has been recovering, both at the end of [last] year and now,” said Shiri, whose business is mainly focused on the American market. “There are many reasons — workers got their bonuses, the economy is good. There is an improvement. I don’t know if it’s significant, but it’s an improvement.”

Minister Eli Cohen announced at the event that the Israeli government will also give more than $286.6 million (NIS 1 billion) to support the nation’s diamond industry.

Source Rapnet