21 Mar 2023
DiamondWorld Directory
Home |
Israel’s AML and Tax Authorities Lower Risk of Diamond Industry
Israel’s anti-money laundering and tax authorities have lowered the risk rating of Israel’s diamond industry from high to medium
By: Diamond World News Service
Dec 16 2021 12:10PM
Reference: 26050  


This comes in the wake of measures implemented by the industry over the past several years to improve transparency and compliance with international financial guidelines. It is seen by the industry as a very important achievement, and a vote of confidence in the industry.
The risk rating, which was published in November in a comprehensive review of Israel’s AML risks, was lowered from 3.7 to 2.7. The chapter on the diamond industry cited important steps that were taken by the industry to lower risk, including the tax settlement reached with the industry, the incorporation of AML guidelines within the Israel Diamond Exchange (IDE) regulations and positive results of several inspections by the Ministry of Economy’s Diamond Controller. The report concluded, “In light of the important measures taken by the industry in cooperation with the AML and tax authorities we have lowered the risk rating from high to medium.”
The government’s decision came after many years of hard work on the part of all organizations within the industry – the Israel Diamond Institute (IDI), the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA) to bring the industry up to full transparency and compliance with AML guidelines.
IDE President Boaz Moldawsky said that this is a very important accomplishment for the Israel diamond industry that will positively impact the industry’s relations with financial institutions and government authorities. He cited the enormous efforts of former IDE President Yoram Dvash, now President of the World Federation of Diamond Bourses (WFDB), and of Jacob Korn, former President of the Israel Diamond Manufacturers Association (IsDMA), as having been critical to achieving the improved ranking.
“We see this as a vote of confidence in the Israel diamond industry, and a step towards the establishment of a free trade zone in the Israel Diamond Exchange,” Moldawsky added.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
Search News by City
Recent Issue
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 32969
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 10665
GJEPC Chairman Interview
Views: 29026
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 40503
Promo for IJ Awards 2012 at NDTV Profit
Views: 58095
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 69758
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 22435
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 51685
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 54253
DW News App
Member of:
Supporter of: