Iran War Disrupts Diamond Trade in Dubai, Israel

Koin International and Trans Atlantic Gem Sales (TAGS) have postponed their rough-diamond tenders in Dubai following the start of the Iran conflict, with the Israeli industry also affected.

Israel and the US began a joint attack on Iranian sites on Saturday. In response, Iran launched drones and missiles targeting Israel and American military bases in the Persian Gulf, including the United Arab Emirates. Israel and Dubai both suffered casualties and building damage.

Dubai is a major center for diamond tenders. In light of the escalation, Koin has pushed off its rough tender that had been scheduled for March 3 to 5 in Dubai, it said on Sunday in a note to clients. The sale will now take place from March 9 to 11. It cited the “current situation in Dubai and the wider region, as well as the cancellation of flights into the United Arab Emirates.”

TAGS, whose tender was due to run from March 1 to 5, has also delayed the start of the event “to ensure the safety of our staff and customers,” TAGS CEO Mike Aggett told Rapaport News. “We’ll reassess the position closely over next couple of days,” he added. The company doesn’t have a confirmed start date for the tender.

The Dubai Multi Commodities Centre (DMCC) will implement remote working on Monday and is “assessing [the situation] day by day,” said Ahmed Bin Sulayem, the DMCC’s executive chairman and CEO and chairman of the Dubai Diamond Exchange (DDE).

Meanwhile, the Israel Diamond Exchange (IDE) in Ramat Gan has switched to emergency mode, with limited access to the site. The trading floor has shut, and only essential services will take place.

Image: Almas Tower, where the Dubai Diamond Exchange is located. (Dubai Multi Commodities Centre)