Israel to Act on Diamond Money Laundering Law

Israel’s Minister of Trade and Industry and Deputy Prime Minister said Thursday that he would act to extend the country’s money laundering legislation to encompass diamond trade revenues.

Minister Eli Ishai addressed international diamond industry heads at the fifth World Diamond Council congress in Jerusalem.

He said that he has instructed his ministry to prepare the necessary changes so “Israel would be amongst the first in the world… to prevent the laundering and [illegal] transfer of money via the diamond trade.”

The changes would be made in consultation with the diamond industry, said diamond controller Shmuel Mordechai.

In a separate meeting, minister Ishai repeated his request to Alrosa president Sergey Vybornov to enable direct mass marketing of diamonds in Israel this year. Alrosa has promised in the passed to sale rough diamonds from a sales office in Israel, however to date sales were much lower than the hoped above $100 million.