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Conflict in Middle East May Spell Trouble for Global Diamond Market

The global diamond market is poised to encounter significant challenges following the recent escalation of conflict in the Middle East, as reported by RIA Novosti citing insights from analysts at Anderida Financial Group (AFG).

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The intensification of tensions between Tehran and Jerusalem could exert adverse effects on the diamond landscape. Israel, a pivotal player in the diamond trade despite not producing diamonds domestically, serves as a prominent hub for diamond cutting. AFG elucidated that by the conclusion of 2023, Israel had secured its position among the top 5 largest diamond exporters.

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Presently, the diamond market grapples with existing complexities exacerbated by European sanctions targeting the Russian Federation, further compounding the sector’s challenges, analysts emphasized.

In the wake of Iran’s recent drone and missile strike on Israel during the night of April 14, Tehran asserted that its actions were in self-defense. Major General Mohammad Bagheri, Head of Iran’s Armed Forces General Staff, conveyed that there are no immediate plans to prolong the operation against Jerusalem.

Earlier reports highlighted the adverse impact of European Union sanctions on Russian diamonds, leading to financial losses for jewelers within the EU.

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