OREANDA-NEWS The global diamond market may face serious problems due to the escalation of the conflict in the Middle East. This is reported by RIA Novosti with reference to analysts at Anderida Financial Group (AFG).

The escalation of the conflict between Tehran and Jerusalem may have a negative impact on the diamond situation. The fact is that this is one of the key positions in the trade of Israel, which does not produce diamonds on its own, but is a leader in cutting them, AFG explained. By the end of 2023, Israel was among the top 5 largest diamond exporters.

At the moment, the diamond market is already in a difficult situation due to European sanctions against the Russian Federation, analysts added.

On the night of April 14, Iran carried out an attack on Israel using drones and missiles. Tehran called its actions self-defense. According to the head of the General Staff of the Armed Forces of Iran, Major General Mohammad Bagheri, there are no plans to continue the operation against Jerusalem.

Earlier it became known that EU jewelers faced losses due to sanctions against Russian diamonds.