Israel "will Suffer from US and EU Diamond Sanctions on Russia"
April 03, 22
(IDEX Online) - The diamond industry in Israel is likely to suffer from sanctions on Russia, says Ha'aretz newspaper even though the country has itself remained neutral on the invasion of Ukraine.
Precious stones and metals account for about a third of Israel's total imports from Russia, according to the Israel Export Institute, amounting to $524m in 2021.
Israel has not imposed restrictions on imports from Russia, but the EU, US and UK are boycotting rough imports and high-profile jewelers including Tiffany, Chopard and Pandora have gone a step further by sanctioning polished stones as well.
The result is that Israel can still buy diamonds from Russia, but will find it more difficult to sell them.
Ha'aretz describes Israel as "potential weak link in the chain of sanctions being imposed by the United States and the European Union - and even a possible sanctions buster", though it quotes Foreign Minister Yair Lapid as saying that's something he will not allow.
Pic shows the trading floor at Israel Diamond Exchange.