Multi-million dollar theft suspected at Israel's Diamond Exchange

Veteran diamond dealer suspected of stealing gems valued at $60-65 million; alleged theft could cause the bankruptcy of up to a dozen diamond companies.

April 20, 2016 08:50
1 minute read.
Diamond (illustrative)

Diamond (illustrative). (photo credit: INGIMAGE)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Israel Police are investigating serious allegations of a huge diamond theft at the Ramat Gan Diamond Exchange, which could cause the bankruptcy of up to a dozen diamond companies.

The suspicions center on veteran diamond dealer Hanan Abramovich who is suspected of stealing the diamonds.

Details of the investigation indicate that diamonds valued at $60-65 million are involved. The allegations are that Abramovich did not pay for the diamonds that he had passed on. The investigation is being carried out by the Tel Aviv Police Fraud Squad and Abramovich is expected to be formally arrested for his involvement in the affair.

A statement issued by the Diamond Exchange management said that the investigation had been launched after complaints were received by several companies claiming they were owed tens of millions of dollars for goods sold to Abramovich's company.

Israel Diamond Exchange managing director Eli Avidar said, "The Diamond Exchange's management will show zero tolerance to those who hurt other members of the exchange. Israel's diamond sector has been going through difficult times in recent years and to our regret we are being exposed to unfortunate instances like these where the situation is being exploited. The Diamond Exchange management will work resolutely to clarify the case including working with the enforcement authorities."

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

March 25, 2019
Community building with Nefesh B'Nefesh