Israel’s diamond industry grinds to halt amid coronavirus

Israel’s economy is slowly returning to normal with the gradual easing of its lockdown, but 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.

Before the new coronavirus reached Israel, the trading floor was often a hive of activity where hundreds of people from around the world crowded around desks equipped with strong lamps and scales to minutely examine each stone.

Social distancing and restrictions on gatherings make the resumption of business as it was impossible, and industry leaders told Reuters that polishing factories, often cramped sites where professionals work shoulder to shoulder, are unable to reopen.

Together with plummeting global demand, the industry is struggling. 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.