Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

25 october 2021

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Israeli diamond sector shuts down amid COVID-19 crisis

21 may 2020

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The Diamond Exchange District in Ramat-Gan                                                Image credit: Ynhockey (Wikipedia)

The once vibrant diamond exchange floor in Tel Aviv remains shut and the diamond district, one of the world’s main trade and polishing centres, is still deserted, says a report in Haaretz.com.
Israel’s diamond trade declined by 90% compared to a year earlier, missing out on transactions that would have been worth $1.5 billion in March and April.
Yoram Dvash, President of the Israel Diamond Exchange and Acting President of the World Federation of Diamond Bourses said that the diamond industry woes reach far beyond Israel. It has disrupted miners and retailers alike – heavyweights De Beers and Alrosa have been forced to cut back production. "The factories in India, in Israel, in Belgium are not working, so there are not many goods in the market,” Dvash told Reuters. 
Dvash also pointed out that the sector, which accounted for about 9% of exported goods in 2019, has lost around $300 mln in profit due to the crisis. It has a credit line with banks totalling about $850 mln and industry leaders have asked for government guarantees that would raise it to $1 bln, but that has yet to come. 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished