A recently published report by the Crisil ratings agency about the impact of the war between Israel and Hamas on rough and polished diamond prices is fairly optimistic, according to IDEX Online.
The Mumbai-based agency says that the impact of the war in India will be “slight, but manageable.” According to the analysts, “For domestic diamond polishers, Israel is primarily a trading hub. Exports to the country “were ~5% of total diamond exports from India last fiscal. Additionally, ~2% of all roughs imported are from Israel.” The report also remarked on the price of gold, which it says has surged by 13%-15% since the war started.
In related news, groups and industry bodies associated with the diamond and jewelry sectors have recently conveyed messages of solidarity following the tragic events of October 7, in which Hamas terrorists massacred more than 1,200 people in Israel, and kidnapped more than 230 men, women and children into Gaza.
The American Gem Trade Association (AGTA), the Diamond Manufacturers and Importers Association of America (DMIA), the Diamond Dealers Club (DDC), and the Indian Diamond and Colorstone Association (IDCA) issued a joint support statement. Additionally, the World Jewellery Confederation (CIBJO) posted a message of support on its LinkedIn page, and the Responsible Jewellery Council (RJC) posted a support message on their website.
In October, the board and the members of the International Diamond Manufacturers Association (IDMA) expressed their “solidarity with the people of Israel, as many hundreds of their citizens were victims of unspeakable, horrific acts of carnage and murder by terrorists sent from the Gaza strip by the terrorist organization Hamas.”
The Israel Diamond Institute (IDI) Chairman Arnon Juwal, CEO Aviel Elia and the IDI team also published a message of support and solidarity for the people of Israel. This is their full statement:
“On October 7th, Israel endured a brutal and inhumane attack by murderous jihadist organizations. They massacred hundreds of innocent men, women, and children, with 150 more abducted. At this moment, we mourn the loss of at least 1,300 Israelis, with over 3,000 wounded. Thousands of missiles continue to rain down on our cities, putting innocent lives in constant jeopardy.
“In response, the IDF launched a counterattack in Gaza against these despicable terrorists who have lost all sense of humanity. Many of our colleagues in the Israeli diamond industry have tragically lost friends and loved ones, and many of us have enlisted in this war thrust upon us in defense of our nation, against war criminals who cold-bloodedly slaughter babies, women, and the elderly.
“Israel stands united in the face of this grave threat and remains resolute in our determination to prevail in this war against these extremists.
“The Israel Diamond Institute extends its heartfelt gratitude to the global diamond industry for steadfastly supporting Israel during these horrifying days. We deeply appreciate your solidarity and unwavering support for our right to safeguard our residents and our nation against this shocking aggression.”
