What has the death of Emperor Hirohito of Japan to do with Israel’s diamond industry?
According to Moshe Schnitzer, president of the diamond exchange in Ramat Gan, it will adversely affect exports to Japan, which is one of Israel’s largest customers for cut and polished diamonds.
Japan accounts for some $600 million in sales a year. But the two-year mourning period for the emperor, a Japanese tradition, will put a damper on celebrations such as weddings “and even geisha parties,” which are occasions for much of the diamond purchases by individuals in Japan, Schnitzer said.
Hirohito died Thursday at the age of 87, after a 62-year reign, the longest of any modern monarch.
Schnitzer expects diamond orders from Japan will be down by half, for the next several months at least.
Finished diamonds are one of Israel’s largest exports, yielding a net income of $1 billion a year.
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