International News
Middle East Conflict Halts Global Diamond Trade in Dubai and Israel
Market instability and airspace closures force major rough-diamond tenders to postpone as trading hubs enter emergency mode.
A sharp escalation in the conflict between Iran and Israel has sent shockwaves through the global gemstone industry, effectively paralyzing trade in the world’s most vital diamond corridors. Following a weekend of military strikes that impacted both Israel and the United Arab Emirates, major auction houses and exchanges have moved to suspend operations indefinitely.

Dubai Tenders Postponed as Airspace Closes
The city of Dubai, which serves as the primary transit point for over 70% of the world’s rough diamonds, has seen its trading calendar dismantled by regional instability.
- Tender Delays: Leading rough-diamond firms Koin International and Trans-Atlantic Gem Sales (TAGS) have officially postponed their upcoming March tenders. Koin, originally scheduled for March 3–5, has pushed its sale to March 9–11, citing flight cancellations and safety concerns.
- DMCC Emergency Protocols: The Dubai Multi Commodities Centre (DMCC) has transitioned to remote working as it monitors the security situation. Global traders from hubs like Surat and Mumbai have reportedly cancelled all travel to the emirate, fearing a prolonged “supply crunch” for the polishing industry.

Israel Diamond Exchange Switches to ‘Emergency Mode’
In Israel, the Israel Diamond Exchange (IDE) in Ramat Gan has implemented strict emergency measures.
- Trading Floor Closure: The bustling central trading floor has been shut down to ensure the safety of members and international visitors.
- Restricted Access: The exchange complex is operating on a “critical-only” basis, with all non-essential services halted until further notice.
Broader Economic Impact
The disruption comes at a time of extreme volatility for precious commodities. Spot gold prices have already surged by nearly 2%, hitting four-week highs as investors flee to safe-haven assets. With UAE airspace restricted and maritime routes through the Strait of Hormuz under threat, the $50 billion annual flow of gems and gold is facing its most severe logistical hurdle in decades.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.

The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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