De Beers, one of the largest diamond companies in the world, is returning to operate in Israel after an absence of nine years. From tomorrow (Tuesday) until Thursday 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 is happening just a few days after the Diamond Exchange and the Israel Tax Authority signed an agreement covering the diamonds industry for 2027-2028 that imposes on diamantaires 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, which compares 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 with the Tax Authority 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, one of Israel’s oldest, with the assistance of people such as Roey Fisher, head of the Foreign Trade Administration at the Ministry of Economy and Industry. In general, the international diamond industry faces considerable challenges, including from lab-produced diamonds. In the case of 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 global mining company Anglo American (85%) and the government of Botswana. In July this year it was reported that an international consortium, including the governments of Namibia and Angola and prominent diamond merchants, had been chosen to buy Anglo American’s holding for $1 billion, but the deal has yet to be completed.
In Israel, exports of polished diamonds totaled $625.7 million in the first half of 2026, 22.3% down from $804.5 million in the first half of 2025. Imports of polished diamonds totaled $531.3 million, down 12.7% from $609 million in the first half of 2025.
In raw diamonds, net exports were $191.2 million, 34.6% down from $292.6 million in the first half of 2025. Net exports totaled $208.3 million, down 35.8% from $324.6 million in the first half of 2025. In keeping with tradition, the US was the main export destination for polished diamonds from Israel, followed by Hong Kong and Belgium. The leading sources for polished diamonds imported into Israel were India, Hong Kong and the US. India continued to be the main export destination for raw diamonds, followed by Belgium and the UAE. The leading sources of imported raw diamonds were the UAE, Belgium, and Botswana.
Published by Globes, Israel business news - en.globes.co.il - on October 12, 2026.
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