One of the Gulf region's most prestigious diamond and jewelry shows, Jewellery Arabia, is being held this year from Nov. 16-20 in Bahrain, and for the first time, Israel's diamond industry will be represented.

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Israel Diamond Center (IDC) founder Avi Tavisal, who is also a founder of the Israel Diamond Exchange, designed and created the AlSakhra Collection, inspired by the Rock of Ascension and the spirit of the Abraham Accords.

AlSakhra was created in the spirit of Islamic faith and culture. The choice of the name is to Sakharat Al-Maraj, "the Rock of Ascension," from which Muhammad ascended to the heavens for his Night Journey, and the beautiful gilded Dome of the Rock above it.

Featuring Jerusalem stone, gold, and diamonds, the pieces in the collection will be unveiled at the expo and for sale at the company's booth.

When invited by the Israel Diamond Exchange to be one of the first diamond and fine jewelry dealers to represent Israel at the Jewellery Arabia exhibition, Tavisal – a seventh-generation Jerusalemite and second-generation jeweler – agreed immediately and began working with a team of craftsmen and advisors to produce the AlSakhra line.

"We are making history. This is a very exciting and important development. Dealing with diamonds connects me to a very special place – diamonds saved my father's life during World War II and gave me a rare opportunity to become one of the founders of the Israeli Diamond Exchange and industry. It is a privilege to use my skills, creativity and faith to honor Islam and our partners in the historic Abraham Accords," Tavisal said.

IDC VP of Business Development Shady Kheir explained that "The Abraham Accords motivated us to combine our vast experience in the diamond industry, artistic vision and great appreciation to the leaders who realized the historic peaceful relations in the region into this unique brand which has already stirred curiosity in the Gulf region.

"Israel is well known as the 'Start-up Nation' and as the No. 1 diamond exporter in the world. We are extremely delighted and honored to take part in this important event," said Kheir.

Jewellery Arabia is regularly attended by senior officials and dignitaries from the United Arab Emirates and all over the world. The Bahraini royal family plays an active role in hosting the event and will be present throughout the exhibition.

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Israel's diamond industry continues its rebound from the COVID pandemic, and since the start of 2021 has seen a sharp rise in all four main categories of the diamond trade, according to a monthly review published by the Diamonds, Special Stones, and Jewelry Administration in the Economy and Industry Ministry.

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According to the report, in the first five months of 2021, Israel's net export of rough diamonds totaled $755 million, an increase of 150% over the same period in 2020. May 2021 was up 595% compared to May 2020, when the COVID pandemic was at its height. Total exports of rough diamonds for the first five months of 2021 reached $660 million, a 160% year-on-year increase.

In May 2021, Israel exported $9 million worth of rough diamonds to the United Arab Emirates, comprised 6.5% of all rough diamond exports for the month. Israel's imports of rough diamonds from the UAE for May 2021 stood at $19 million, or 11.5% of all rough diamond imports for the month.

Polished diamond imports increased by 150%, whereas polished diamond exports rose by 70%.

Ofir Gur, director of the Diamonds, Special Stones, and Jewelry Administration said in response to the newly-released figures that "This past May continued the meteoric growth we in the Israeli diamond industry have predicted in the past few months.

"If we look at the last few months and the situation in the global market, the Israeli diamond industry has many reasons to stay optimistic. Some of the main ones include the recovery of the world diamond sector, the increased prices, and the depleting stocks of the big diamond mining companies," Gur said.

Diamond Exchange President Boaz Moldavsky said, "On one hand, the numbers indicate the strength of the diamond industry and the potential the sector has to contribute to the Israeli economy. However, the report does not reflect the financial situation of thousands of [exchange] members.

"Over 50% of the traders aren't managing to return to the level of business they had before the onset of the pandemic, and that is a very worrying figure that we need to change," he said.

According to Moldavsky, to restore Israel to a position of leadership in the international diamond industry, the government must provide "major" incentives that will increase trade in diamonds, including the encouragement of capital investments that would allow Israel to compete with other diamond exchanges like India or Dubai.

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The Dubai Multi Commodities Center Authority has opened a representative office in Ramat Gan – a suburb of Tel Aviv – inside the Israel Diamond Exchange.

The new office will support Israeli businesses, from all industries and sectors, interested in setting up a presence in Dubai and DMCC's Free Zone. The DMCC is home to the Dubai Diamond Exchange and hosts more than 1,000 companies connected to the diamond trade.

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The announcement follows a landmark collaboration agreement between Dubai Diamond Exchange and IDE signed in September 2020 and is set to significantly boost diamond trade between Dubai and Israel, among other sectors including technology, innovation and energy.

"This is an exciting new chapter in the trade story of the United Arab Emirates and Israel, and one that will usher in a new wave of Israeli enterprise through Dubai," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, and Chairman of the Dubai Diamond Exchange, according to an article on the DMCC website.

Bin Sulayem added that there had already been enormous interest from Israeli companies to do business "in, with and through Dubai" – in particular with diamonds. From somewhat meager beginnings, in only the last 15 years Dubai has transformed itself into the world's third-largest trading hub.

Senior representatives of DMCC and the Dubai Gold and Commodities Exchange were aboard the inaugural commercial flight from Dubai to Ben Gurion International Airport.

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Yoram Dvash, President of the Israel Diamond Exchange and the World Federation of Diamond Bourses, said: "This is a historic step that opens up vast economic opportunities for Israel in a whole range of areas, especially diamonds. Having the DMCC representative office in the IDE complex will enable us to work together to realize the full potential of the Israeli Diamond Industry."

This article was first published by i24NEWS.

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Could diamonds become the earth's best friend? Luxury jewelry company Aether has successfully found a way to create diamonds out of air.

According to Aether, many companies in the sustainable jewelry arena claim to be carbon neutral, but lab-grown diamonds are manufactured using carbon from fossil fuels. Aether says that "neutral" isn't good enough when it comes to reversing climate change.

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Aether uses proprietary technology to convert excess carbon dioxide air pollution into precious stones, cleaning the air while producing the world's first carbon-negative diamond.

Aether will feature its carbon-negative diamonds in a new luxury jewelry line scheduled to launch on its website this December. All Aether diamonds are certified by the International Gemological Institute and held to the same standards as mined diamonds.

"Amid global climate change and all of the other challenges 2020 has brought with it, we believe there is currently great opportunity for high-minded doers to step in and help shape the future," said Aether CEO Ryan Shearman.

"Aether is proud to be a part of that change for good as the creator of the world's first gem-quality diamonds from air," Shearman said.

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Tycoon Beny Steinmetz and two other defendants have been ordered to stand trial in connection with $10 million in bribes allegedly paid to a former wife of Conté. The payouts were allegedly part of a plot by Steinmetz's BSGR Group to squeeze out a competitor for mining rights in Guinea's southeastern Simandou region in 2005-2010.

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"Beny Steinmetz denies any wrongdoing. He has done that since the beginning of the proceeding," lawyer Marc Bonnant said in an interview at his office in a leafy Geneva neighborhood. "He never sent a single dollar to any official of the Guinea regime under Lansana Conté – neither to the president nor to his wife or to his mistress or to anybody."

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The man, a native of Azerbaijan, found the diamonds at a money changer's business.

In the ruling, Judge Shaul Avinur wrote that "naturally, a case of a person happening to find property worth over $500,000 is very unusual, and therefore it is difficult to discuss the policy of punishment [for such crimes.]"

Ali Amadov, 24, arrived in Israel with his parents last year so his father could undergo cancer treatment. While in Israel, Amadov and his parents rented an apartment in Bat Yam. A year ago, while the family were at Sourasky Medical Center in Tel Aviv, Amadov needed to change money and entered a money changing establishment in a shopping center next door to the hospital.

At the same time, a diamond courier arrived, carrying diamonds worth some $540,000 that were wrapped in plastic and inside a brown paper envelope.

When the courier left the money changer, he forgot the envelope on the counter. Amadov noticed the envelope but at first left it on the counter and left the business. A short while later, he returned, and while the business owner was out of the room, Amadov began eyeing the envelope. At one point, he even opened it and inspected the contents. He then took the envelope, rolled it up, and left.

Thanks to security camera footage, it took police less than a day to track down Amadov and arrest him. Amadov was found to be in possession of the diamonds the courier had been carrying, although stones worth some $140,000 had fallen out of the package.

During his trial, Amadov denied the allegations, even though he had been filmed taking the envelope from the money changer's.

Amadov's mother wrote to the Azeri foreign minister and asked that her son be treated fairly and be allowed to return to his native country soon. She said that she could not afford to continue supporting her son financially while he remained under detention in Israel and that Amadov had been prevented from attending the funeral of his father, who had succumbed to his illness.

The prosecution, however, wanted Amadov sentenced to two to three years, as well as fined.

According to Judge Avinur, all of Amidov's actions – which were caught by the business' security cameras – indicated criminal intent.

"This is a clear case of a 'theft of opportunity,' since given the circumstance, the defendant could very easily have located the owner of the diamonds if he had wanted to," Avinur wrote.

"The defendant himself admitted, if halfheartedly, to 'dropping' some of the diamonds and to taking steps to ascertain their worth," Avinur wrote.

Eventually, Avinur sentenced Amadov to nine months in prison but did not fine him or order him to pay compensation.

"The diamonds that were found were returned to their owner, and as for the rest [which Amidov lost], the owner was compensated by the insurance company, which has already sued the defendant for the money. Secondly, this is a citizen of a foreign country, who has been detained in Israel for nearly a year without being able to work or support himself, and has been dependent on the kindness of others," Avinur wrote.

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