In the wake of airstrikes that the US and Israel have launched against Iran over the past weekend, a number of diamond traders based in the Middle East have postponed their auctions and reduced activities, Rapaport News reported with a reference to its sources.
Both Israel and United Arab Emirates became targets of Iranian retaliatory strikes targeting Israeli and American military bases in the Persian Gulf. Both countries are major diamond trading hubs.
Dubai-based companies Koin International and Trans Atlantic Gem Sales (TAGS) have postponed their rough diamond tenders following the start of the conflict, Rapaport said.
Koin has pushed off its Dubai rough diamond tender that had been scheduled for March 3 - 5. It is now expected to take place from March 9 to 11 due to the "current situation in Dubai and the wider region, as well as the cancellation of flights into the United Arab Emirates."
TAGS, whose tender was due to run from March 1 to 5, has also delayed the start of the event "to ensure the safety of our staff and customers."
The Dubai Multi Commodities Centre (DMCC) will implement remote working on Monday and is "assessing [the situation] day by day," said executive chairman and CEO Ahmed Bin Sulayem.
The Israel Diamond Exchange (IDE) in Ramat Gan has switched to emergency mode, shutting down the trading floor.
Theodor Lisovoy, Managing Editor, Rough&Polished
