Editor’s Note
This article presents a summary of recent military actions and statements from Israeli leadership. We are actively monitoring this developing situation and will provide verified updates as more information becomes available.
Israeli Prime Minister Benjamin Netanyahu has made it clear that he will not stop. Israel is carrying out attack after attack on Iran. The Israeli army is engaged in breaking Iran’s back with full force.
Israel, with a population of less than 10 million, is continuously responding to its enemies. Interestingly, Israel has also endured Iranian attacks. It has responded to its enemies and stood firm with full strength. Neither the country’s economic conditions have deteriorated significantly, nor has its courage and spirit diminished. The question arises: what kind of Aladdin’s lamp does Israel possess that is giving it this strength?
The answer to this question lies in Israel’s economic structure. The diamond export business in Israel is no less than its backbone. The diamond trade is bringing it hefty sums from all over the world. This amount is so large that even after the war, it stands strong.
Israel is earning from many things. This includes manufacturing, oil, mining, weapons, and labor force. Israel earns 40 percent of its GDP by exporting goods. At the top of exports is diamonds. The United States, China, Ireland, and Britain are among the countries that buy goods from Israel and pay a hefty price.
Israel has the world’s largest diamond cutting and polishing industry. This is its biggest source of income, which remains its strength. Even during the war, Israel has been fully engaged in trying to protect the country’s economy from the attacks of Hamas and Hezbollah and has been successful. Israel’s strength and courage can be understood from Benjamin Netanyahu’s recent statement, in which he rejected the ceasefire proposal.
Israel earns the most from diamond exports. Diamonds account for 25 percent of all goods exported from Israel. Israel is the country that leads in exporting polished diamonds. In addition, it is a center for the trade of rough diamonds. Every year, about one-third of the world’s rough diamond production is imported into the Israel Diamond Exchange. After that, it is polished and exported worldwide.
In 2020, by exporting $7.5 billion worth of diamonds, Israel became the world’s sixth-largest diamond exporter. The Israel Diamond Exchange (IDE) is one of the world’s largest diamond centers. It was established in 1937 and its approximately 3,000 members work in the manufacturing, import, and export of rough and polished diamonds.
Israel earns 66.93 billion rupees annually from the diamond industry alone. The diamond trade is providing employment to millions of young people here. The diamond industry has been linked to the history of Jewish people in Europe. In the medieval era, legal restrictions limited Jews to certain specific professions. The diamond trade was a better option for Jews. Gradually, the diamond trade became a popular business among Jews.
Israel’s industry began in the 1930s with entrepreneurial immigrants who brought trade acumen and skill from Belgium. By 1940, a handful of factories were running in Netanya and Tel Aviv, and in 1937, the first “Palestine Diamond Club” and later the “Israel Diamond Exchange” was formed. The Diamond Club’s first meeting was held in a room of a private house and later began to be held in a cafe in Tel Aviv.
During the Second World War, when traditional European centers came under German occupation, Israel became a major center for polished diamonds. With the establishment of the State of Israel in 1948, new immigrants arrived, who were recruited as workers in the diamond industry. Within a few months, they were trained. Over the years, development occurred and then Israel incorporated technology into the diamond trade. This step gave further momentum to Israel’s economy. Today, Israel stands firmly.
