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World Federation Of Diamond Bourses

A Nation’s Tragedy and a Wake-Up Call for the Free World

Dear Friends,

So much has been reported and spoken about the horrific events of October 7, 2023. The sheer evil of the Hamas terrorists and the heinous crimes they committed on innocent civilians has been and is still being documented. Israel mourns the 1400 women, men and children murdered, and is anxiously awaiting the 212 hostages taken by force to Gaza. There is no need for me to repeat the facts.

October 7 has been called Israel’s September 11. It has certainly been a wake-up call for Israel, the Jewish people and above all for the citizens of the world who abhor religious fanaticism and the terrorism it inspires.

Israel will not be the same. The Jewish people will not be the same. The world will not be the same.

The diamond industry, in Israel and around the world, is being affected by this incredible tragedy, the war in Gaza and the international tensions that have followed. The natural diamond industry is already reeling from the effects of the war in Ukraine and the G7 are planning further limitations on the trade, LGD’s are making significant inroads into low and high jewelry, and demand is at an extremely low point. The Israeli diamond industry has been significantly impacted, mourning the deaths and abduction of loved ones and like the rest of the Israeli economy is operating at a very low level. And since Israel is one of the most important diamond trading centers in both polished and rough diamonds, this is impacting the rest of the diamond world.

We are all part of the intensely interconnected world diamond community. The World Federation of Diamond Bourses is more than that; we are a family, and when one member suffers, the others are there to offer kindness and support. I want to thank the WFDB family for your expressions of support at this terrible time.  

I pray that there will be a quick and decisive victory for Israel, that all hostages will be safely returned to their loved ones and that peace will be restored.

Yoram Dvash

Read More : President's Letters