De Beers returns to Israeli diamond market
De Beers returns to operate in Israel after a nine-year absence, displaying diamonds at the Diamond Exchange in Ramat Gan from Tuesday to Thursday. The return follows a tax agreement between the Diamond Exchange and the Israel Tax Authority for 2027-2028, imposing a fixed turnover-based tax rate, positioning Israel competitively against other diamond trading centers.
De Beers, one of the world's largest diamond companies, is returning to operate in Israel after a nine-year absence. From Tuesday, 13 October, until Thursday, 15 October, the company's diamonds will be displayed to buyers at the Diamond Exchange in Ramat Gan. The renewal of De Beers' auctions on the Israeli exchange comes just days after the Diamond Exchange and the Israel Tax Authority signed an agreement covering the diamonds industry for 2027-2028, imposing a fixed rate of tax as a percentage of turnover. The agreement puts Israel in a competitive position vis-à-vis leading diamond trading centers that have introduced similar models of taxation based on turnover. In Belgium the rate of tax is three times higher than in Israel. Precious stones and jewelry enter Israel duty free, compared with a 5% duty in Dubai, while registration of a foreign company in Israel is quick and open to any foreign resident, whereas in Dubai the process can take over a year. The agreement and the return of De Beers are products of efforts by the management of the Diamond Exchange, headed by its president Nissim Zuaretz, to revive the industry, with the assistance of Roey Fisher, head of the Foreign Trade Administration at the Ministry of Economy and Industry. The international diamond industry faces considerable challenges, including from lab-produced diamonds. For De Beers, the average price of raw diamonds in the first half of 2026 was $105 per carat, 32% lower than in the first half of 2025. De Beers is owned by London-based Anglo American (85%) and the government of Botswana. In July 2026, an international consortium including the governments of Namibia and Angola and prominent diamond merchants was chosen to buy Anglo American's holding for $1 billion, but the deal has yet to be completed. Israeli polished diamond exports totaled $625.7 million in H1 2026, down 22.3% from $804.5 million in H1 2025. Imports of polished diamonds totaled $531.3 million, down 12.7% from $609 million. Raw diamond net exports were $191.2 million, down 34.6% from $292.6 million. The US was the main export destination for polished diamonds, followed by Hong Kong and Belgium. India was the main export destination for raw diamonds, followed by Belgium and the UAE.