Top diamond official to PM: Industry on verge of collapse
The decline in exports between March and May is estimated at over 80%.
By JERUSALEM POST STAFFA trader inspects a diamond during a show at Israel's Diamond Exchange near Tel Aviv, Israel(photo credit: REUTERS)
Prime Minister Benjamin Netanyahu received a letter this week from Yoram Dvash, the president of the Israel Diamond Exchange, warning him the diamond industry in Israel is on the verge of collapse in the wake of the COVID-19 crisis.The letter states that the steps taken by the government so far haven’t yet reached diamond industry workers and there is a real danger that one of Israel’s oldest and most important export industries will simply disappear. The letter emphasized the slow rate of the implementation of the measures, as well as a lack of credit.The decline in exports between March and May is estimated at over 80%. Internal trading fell by 90% and was effectively erased.It is estimated that the cumulative damage to the diamond industry exceeds NIS 2 billion.The diamond industry is a major industry for Israeli exports and is an employment center for thousands of people from all parts of society.
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