Israel’s diamond exports plunge to historic low as exchange chief resigns

Israel's diamond exports have plummeted to an historic low of $2.4 billion from January to June 2026, a significant drop from $7 billion in 2015, according to the Diamond Controller's Office. This decline has led to the resignation of Israel Diamond Exchange President Nissim Zuaretz. The industry faces challenges including a global downturn, Dubai's emergence as a trading hub with tax advantages, and the rise of cheaper lab-grown diamonds. Additionally, a new 10% U.S. tariff on diamond imports, which previously accounted for 20% of Israel's exports, has further impacted the sector. Diamond Controller Natalie Gutman stated, "The industry's condition is unprecedented." Zuaretz added, "Israel has been hurt more than anyone." The Israeli government is in talks with the U.S. to reduce the tariff and is also negotiating with the Finance Ministry for potential tax relief for the industry.