De Beers closes down in Israel, deals blow to locals
The next generation of diamond dealers will no longer be able to receive a steady supply of unpolished gems from the Israeli branch of De Beers, Diamdel.
The next generation of diamond dealers will no longer be able to receive a steady supply of unpolished gems from the Israeli branch of De Beers, Diamdel. De Beers will be closing its branch or cease activity almost completely, as part of a restructuring of Diamdel's activities worldwide.
Young dealers with no regular source of unpolished diamonds have customarily obtained their gems from De Beers, which maintained a policy of cultivating young polishers worldwide.
De Beers recently unveiled it's restructuring plan for Diamdel, which includes focusing on its Antwerp and Indian operations, and ceasing its direct support for young companies in Israel, which have received unpolished diamonds totaling an estimated $150 million to $200 million annually. Israeli unpolished diamonds imports total about $4 billion annually. Diamond Exchange President Avi Paz said he hoped local or foreign diamond dealers would step into the shoes of De Beers.