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It also said that total sales declined by 2.5% in the quarter on the year-earlier period to $1.2 billion.

In total, the firm generated income of $38.7 million from its sale of exceptional rough stones.

The company also stated that the sales figure for the eighth cycle was $494 million from the provisional figure of $485 million.

Sarine is carrying out large-scale testing in India based on computerized methodology for grading a polished diamond’s clarity.

DiamTech will enable technology companies and high-tech service providers to present their latest innovations in diamond manufacturing, computerized decision-making systems, diamond scanning and imaging and e-commerce technologies.

After slowing down, it is believed the Far Eastern market is picking up again which will help Israeli diamond firms.

With the opening of the office in Israel, JAH will also hold monthly auctions in Israel, in the International Tender Center.

The polished gem came from a 357-carat rough stone recovered from the Letseng mine in Lesotho in 2015.

The annual event, featuring a large number of Israeli diamond companies, is running through to the end of today (Wednesday).

The jump in sales reflects better trading conditions compared with a slump in demand at the same time last year.

IDE President Yoram Dvash: "The relations between Israeli and Indian diamantaires started a long time before diplomatic relations were established between the countries. Our relations are strong and based on shared, solid business interests."

Production for the first nine months of this year, however, dropped by almost 10 percent.