DiamondBuzz

Israel Diamond Exchange in emergency mode

Published

1 year ago

June 19, 2025

The Israel Diamond Exchange (IDE), a cornerstone of the global diamond trade, has transitioned to an “emergency mode” of operation, effectively ceasing most activities indefinitely amidst heightened security concerns following missile strikes from Iran. The move underscores the escalating regional conflict and its immediate impact on key economic sectors within Israel.

The decision to implement emergency protocols comes after a series of ballistic missile attacks launched by Iran, which have targeted Ramat Gan—the home of the IDE—along with Tel Aviv and other strategic locations across Israel. These strikes followed a pre-emptive Israeli assault on Iranian nuclear facilities.

The IDE, comprising four interconnected towers, has closed its main trading floor. Only a skeletal crew providing “essential” services remains on site. All other typical operations, including management offices, post office services, export/import facilities, diamond supervision offices, restaurants, cafes, banks, and parking lots, have been shuttered.

The exchange strongly recommended that “companies and members transfer their goods to the secure safe deposit room in the Shimshon Building for optimal protection,” highlighting the immediate threat to high-value assets.

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DiamondBuzz

De Beers Cuts Diamond Production But Sees Sales Rise

The Main Reasons For The Drop Were Planned Repair Work In Botswana and Slower Operations At Its Venetia Mine In South Africa. Demand For Diamonds Grew In The US and India.

Published

2 days ago

October 23, 2026

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De Beers produced 11% fewer diamonds in the third quarter of 2026 compared to last year, bringing total production down to 6.8 million carats. The main reasons for the drop were planned repair work in Botswana and slower operations at its Venetia mine in South Africa before it temporarily pauses production for two years.

Despite lower production, overall diamond trading improved. Demand for diamonds grew in the US and India, and the market became better balanced. However, lab-made diamonds continued to hurt sales of cheaper natural diamonds.

Production Highlights by Country

Botswana: Down 20% to 4.8 million carats due to maintenance at the Orapa mine.

South Africa: Down 37% to 418,000 carats as the Venetia mine slowed down.

Namibia: Up 8% to 495,000 carats.

Canada: More than doubled to 1.06 million carats because the Gahcho Kué mine processed higher-quality ore.

On October 16, De Beers took full ownership of Canada’s Gahcho Kué mine after taking over its partner Mountain Province’s 49% share. Starting in the fourth quarter, De Beers will report all production from this mine on its own books. This will raise De Beers’ official production numbers, but it will not change the overall amount of diamonds in the world market.

Sales Revenue: Reached $731 million for the quarter, up 4% from $700 million last year.

Sales Volume: Nearly doubled to 8.7 million carats, up from 4.6 million carats a year ago.

Even though sales volume went up, the average price De Beers received per carat so far this year fell 37% to $97. This was caused by an 18% drop in overall rough diamond prices and the fact that De Beers sold a higher proportion of cheaper diamonds this year.

Because De Beers now owns 100% of the Gahcho Kué mine, it raised its full-year 2026 production target to 25–28 million carats (up from 21–26 million). It also lowered its expected production cost from $80 to about $70 per carat. The company said it will keep watching market demand and adjust its production as needed.