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Israel Bourse Resumes Certain Services

Exchanges in Mumbai and Dubai remain closed.
May 6, 2020 7:13 AM   By Rapaport News
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RAPAPORT... The Israel Diamond Exchange (IDE) has become the latest bourse to revive operations, as trading centers around the world slowly return to action following lockdowns.

Facilities including banks, the post office, customs, the diamond controller’s office and the Brinks safety-deposit room opened on Sunday after being partially or entirely closed for several weeks, the IDE said this week. The trading floor remains closed as government restrictions on gatherings are still in place.

Member services at the Ramat Gan bourse have been limited since mid-March due to nationwide efforts to contain the coronavirus. The country’s trade has suffered a steep drop in revenues as key global markets closed, with diamond exports slumping 82% in April, IDE president Yoram Dvash wrote in a Facebook post Monday. Israeli Prime Minister Benjamin Netanyahu has agreed to take measures to help the sector, Dvash said following a recent meeting with the premier and his team.

The bourse has also approved a 50% reduction in membership and maintenance fees, and has canceled the exchange’s summer recess to enable trading to continue uninterrupted when the situation improves.

Diamond companies in Antwerp resumed on Monday, while the Belgian city’s trading floors are set to reopen on May 11. However, Mumbai’s Bharat Diamond Bourse and the Dubai Diamond Exchange remain closed.

Image: The diamond-bourse district in Ramat Gan, Israel. (Shutterstock)
Tags: Antwerp, Benjamin Netanyahu, Bharat Diamond Bourse, bourses, diamond exchanges, Dubai, Dubai Diamond Exchange, exchanges, IDE, Israel, Israel Diamond Exchange, mumbai, Ramat Gan, Rapaport News, Trading Floors, Yoram Dvash
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