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International trade

Sri Lanka and Israel Strengthen Trade Relations in Diamond Industry

Strategic Insights

— 1 min read

Sri Lanka and Israel are expanding their economic ties with a joint initiative between the Sri Lankan Embassy, Sri Lanka Export Development Board, and the Israel-Asia Chamber of Commerce to strengthen relations and establish new trade routes between Sri Lanka's gem and jewellery entrepreneurs and Israel's diamond industry. The move comes as the Israeli diamond industry, the world's largest trading hub, seeks to collaborate with Sri Lanka to promote high-quality jewellery in global markets. A delegation of Israeli diamond traders will visit Sri Lanka, while Sri Lankan gem and jewellery designers and entrepreneurs will visit Israel as part of the agreement.

Key Takeaways:

  • The Sri Lankan Embassy, Sri Lanka Export Development Board, Israel-Asia Chamber of Commerce, and Israel Diamond Centre are jointly initiating an international trade meeting to strengthen relations between Sri Lanka's gem and jewellery entrepreneurs and Israel's diamond industry.
  • The Israeli diamond industry, headquartered in Tel Aviv, is the world's largest diamond trading hub with annual exports exceeding US$ 6 billion and total revenues reaching US$ 10 billion.
  • Of the total exports, 50% go to the United States, 25% to Hong Kong, 15% to Europe, and 10% to Dubai.
  • Several diamond factories jointly operated by Israeli and Indian investors are functioning in Sri Lanka, with their entire production exported to international markets.
  • The Israeli diamond industry is seeking to collaborate with the Sri Lankan gem and jewellery sector to promote high-quality jewellery in global markets.
  • A branch of the Israeli Diamond Institute may be established within the Colombo Port City, further strengthening cooperation between the two industries.
  • Interested Sri Lankan gem and jewellery businesspersons can contact Dilsha De Alwis, Assistant Director - Industrial Products Division at the Sri Lanka Export Development Board (Email: dilsha@edb.gov.lk, Mobile: (+94) 78 838 3458, Telephone: (+94) 11 2300705-711, Ext: 360).
  • The Sri Lankan gem and jewellery entrepreneurs will visit Israel as part of the agreement, while a delegation of Israeli diamond traders will visit Sri Lanka.

Statistics:

  • Annual exports of the Israeli diamond industry exceed US$ 6 billion.
  • Total revenues of the Israeli diamond industry reach US$ 10 billion.
  • 50% of Israeli diamond exports go to the United States.
  • 25% of Israeli diamond exports go to Hong Kong.
  • 15% of Israeli diamond exports go to Europe.
  • 10% of Israeli diamond exports go to Dubai.

Sources:

  • Daily News Sri Lanka

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