Israel Diamond Industry on Edge of Cliff

Finance and Trade
10/07/2020 12:17

Rapaport reports on a letter, sent by Israel Diamond Exchange President Yoram Dvash, to the Israeli government, pleading for more support for the Israeli diamond industry, which is "on the verge of collapse". Barely reopened after months of standstill in the trade, Israel recently has been facing an increase in COVID-19 cases and consequent tightening of pandemic restrictions, once again halting the trade on the Ramat Gan bourse floor. The ramifications for the Israeli diamond industry are severe, the letter explains, and the crisis is getting worse. Dvash estimates 15,000 families could be affected by lay-offs, as trade has dropped to near zero.

“It’s worth noting that the global trade is recovering, so it’s important we receive government support so the Israel diamond industry doesn’t get left behind,” Rapaport quotes Dvash.