Israel Diamond Exchange in better days Image Credit: IDE
While the Israeli economy is slowly returning to normal as COVID-19 measures are gradually relaxed, Israel's diamond industry continues to be at a standstill, as the Tel Aviv diamond bourse remains closed and the diamond district as a whole is still a ghost town, the Diamond Loupe writes, citing Reuters.
While the activities in other major hubs, like Antwerp, have resumed, the Israeli diamond community is struggling to reopen production and trading facilities and comply with continued restrictions and social distancing measures.
According to Reuters, Israel's diamond trade decreased by 90% compared to the same period last year, and the industry missed out on some US$ 1.5 billion in transactions in the past two months alone. As stated by Yoram Dvash, President of the Israel Diamond Exchange, the industry leaders are yet to receive news on additional financial government guarantees they have requested to expand the US$ 850 million in existing credit lines to US$ 1 billion.
Alex Shishlo, Editor of the Rough&Polished European Bureau
