De Beers Returns to Israel After Nine Years Following New Tax Agreement
What happened
De Beers is returning to operate in Israel after an absence of nine years. The company's auctions on the Israeli exchange are resuming following an agreement between the Diamond Exchange and the Israel Tax Authority for 2027-2028. This agreement imposes a fixed tax rate on diamantaires based on turnover.
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Why it matters
The new agreement positions Israel competitively in the diamond trade. Israel offers duty-free entry for precious stones and jewelry, and quick foreign company registration, contrasting with higher tax rates in Belgium and slower processes in Dubai.
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Who's involved
- De BeersInternational corporation returning to operate in Israel.
- Israel Tax AuthorityGovernment agency that signed the new tax agreement.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- United Arab EmiratesSpeculative
United Arab Emirates could face challenges to its competitive position from Israel's favorable trade environment.
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The entities involved
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De Beers
International corporation that specialises in diamond exploration, diamond mining, diamond retail, rough diamond sales and industrial diamond manufacturing
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Israel Tax Authority
Taxation authority of Israel
Nothing else this week.
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Botswana
sovereign state in Southern Africa