Israel Diamond Industry Standstill Continues

Finance and Trade
15/05/2020 11:57

Reuters reports that, while the country's economy is slowly returning to normal as COVID-19 measures are gradually relaxed, the Israel diamond industry continues to be at a standstill, as the Tel Aviv diamond bourse remains closed and the diamond district as whole still is a ghost town. While activities in other major hubs, like Antwerp, have resumed, the Israeli industry is struggling to reopen its facilities and comply with continued restrictions and social distancing measures. The Israeli diamond trade decreased by 90% compared to the same period last year, and according to Reuters, the industry missed out on some 1.5 billion US$ in transactions in the past two months alone. The article further cites Yoram Dvash, President of the Israel Diamond Bourse, saying the industry leaders are yet to receive news on additional financial government guarantees they have requested to expand the 850 million US$ in existing credit lines to 1 billion US$.