Hamas War Hits Israel's Diamond Industry
November 09, 23
Here's a stark indication of how the war with Hamas is affecting daily life here in Israel.
The Bourse in Ramat Gan says anyone whose family members have been killed or kidnapped will have their membership fees waived.
Israel is a small country and the massacre on 7 October has affected everyone, including the diamond community.
Adir Mesika, 23, and Avraham Gilad Tiberg, 24, were both among the 260 young people murdered by Hamas terrorists at the Nova music festival.
Isaac (Itzik) Siton, manager of a diamond factory in Namibia, was back in Israel visiting family. He, his wife Chana, son Tal and sister-in-law Pessy, were among the 130-plus murdered at Kibbutz Be'eri.
And Shiral Mor, 19, was killed in the line of duty as she served with the Border Protection Corps.
They all had links to Israel's diamond industry. There are also diamantaires whose relatives are among the 240 hostages being held in Gaza.
Israel has endured many wars, terror attacks, tragedies and upheavals in its short life, but nothing compares with its current situation.
An estimated 200,000 people have been evacuated from their homes, in the south because of the threat from Hamas, and in the north because of Hezbollah.
Around 360,000 reservists have been drafted to fight for the IDF. That's around 15 per cent of the country's entire workforce. CEOs are driving tanks, restaurant workers are rooting out terrorists from their tunnels in northern Gaza.
The nation's focus is on destroying an enemy that has publicly threatened to repeat the 7 October massacre - with its brutal rapes, torture and beheadings - again and again.
So it's no surprise that Israel's diamond industry, which had already been badly hit by the global downturn, is now close to a standstill.
Its rough imports for October were down 75 per cent year-on-year, according to the Israel Diamond Exchange. Polished imports were down 69 per cent. And rough exports dropped 66 per cent, although polished exports were down by only 2 per cent.
The movement of goods has been limited because most airlines have suspended all flights to and from Israel.
"Since the outbreak of the war, activity in the diamond industry has wound down dramatically," Boaz Moldawsky, IDE President, tells us.
"Foreign companies with offices in the complex have in most cases returned to their countries of origin and have taken their goods out of Israel.
"The number of buyers has decreased significantly, and the local market is almost non-existent now."
The IDE has been involved in negotiations on a number of measures to ease the burdens on the diamond community, such as a 30-day extension to settle payments for diamond inspections and the postponement of anti-money laundering audits.
But nobody is expecting a swift end to a war that's already into its second month.
"The world diamond industry is a closely interconnected community spanning the entire globe," said Moldawsky. "For generations we have prospered by building bridges and standing united.
"Israel is now fighting a brutal war against a savage enemy. An enemy that threatens the future of civilization and world peace.
"We call upon the diamond community to stand united with Israel. Only by working together can we create a prosperous future for us all."