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Russians Dumping Diamonds on World Market; Threatens Israel’s Diamond Industry

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The Soviet Union has been dumping diamonds (both raw and polished) on the world market in quantities and at prices that threaten Israel’s own flourishing diamond industry, the Jewish Telegraphic Agency was told today. Moshe Schnitzer, president of the Israeli Diamond Exchange in Ramat Gan said, “The danger lies mainly in the fact that the Soviets, who dig for diamonds in their own fields, are not bound by any cost calculations. They can easily undercut us even if, by Western standards, they would be selling at a loss.” Out and polished diamonds are Israel’s largest single export item and last year brought in about $200 million. The Russians last year sold $20 million on the world market.

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