Israel’s anti-money laundering and tax authorities have lowered the risk rating of Israel’s diamond industry from high to medium. This comes in the wake of measures implemented by the industry over the past several years to improve transparency and compliance with international financial guidelines. It is seen by the industry as a very important achievement, and a vote of confidence in the industry, says a press note from the Israel Diamond Institute (IDI).According to IDI, the risk rating, which was published in November in a comprehensive review of Israel’s AML risks, was lowered from 3.7 to 2.7, with the report concluding …’In light of the important measures taken by the industry in cooperation with the AML and tax authorities we have lowered the risk rating from high to medium.’ The government’s decision came after working on the matter with the Israel Diamond Institute (IDI), the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA).IDE President Boaz Moldawsky said that this is a very important accomplishment for the Israel diamond industry that will positively impact the industry’s relations with financial institutions and government authorities. “We see this as a vote of confidence in the Israel diamond industry, and a step towards the establishment of a free trade zone in the Israel Diamond Exchange,” Moldawsky added.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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