DiamondBuzz
Israel Delegation at Qatar Diamond Conference
It’s a notable development in what has been a stormy relationship between two countries that have no official diplomatic ties.
A delegation from Israel visited Qatar for the inaugural Doha International Diamond and Gem Conference.It’s a notable development in what has been a stormy relationship between two countries that have no official diplomatic ties. Qatar was the first Gulf state to establish official relations with Israel, which opened a trade office in Doha in 1996.But those ties were severed ties in 2009 during Israel’s Operation Cast Lead in Gaza and have not been restored since.
The delegation included Nissim Zuaretz, president of the Israel Diamond Exchange in Ramat Gan, and Eran Zini, its CEO. They were invited by the Qatari minister of commerce and industry Faisal Al-Thani, they entered the country on their Israeli passports and no attempts were made to conceal the fact that they were from Israel, according to a Globes report.
The three-day conference in Doha, at the end of last month, discussed “out-of-the-box strategies” to advance the diamond and colored gemstone industry, with over 200 visitors from 30 countries.
“The dialogue with them was very pleasant, and they received us respectfully,” Zuaretz told the Globes financial news “They know the potential of the Israelis, and what is happening with Trump may bring about a change in the economic strategy with them.”
Qatar hosted the leaders of Hamas until November 2024, played a key role in mediating talks between Israel and the Palestinians in the ongoing Gaza war and has donated over $6bn to US universities to expand its influence and promote its interests.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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