Did your engagement ring help fund a genocide in Gaza? Quite possibly. Despite possessing no mines of their own, Israel is a major player in the world’s diamond business, buying up minerals across Africa and selling them to the West, netting billions in the process. Diamonds are Israel’s most important export, and directly bankroll the country’s ongoing genocide against the people of Gaza. MintPress explores the dark world of Israeli blood diamonds.
A Gigantic Industry
Any visitor walking through Tel Aviv’s exclusive Ramat Gan district will be struck by its wealth. Skyscrapers are everywhere, and expensive jewelry stores lines the streets. Ramat Gan is the center of the world’s diamond industry, with more than 15,000 people employed by the Israel Diamond Exchange in the business of cutting, polishing, importing, exporting, and marketing the stones.
Israel’s largest export is not tech industry or its food. Diamonds alone account for over 15% of all the country’s exports, with other jewelry also contributing significantly to its economy. Between 2018 and 2023, Israel exported over $60 billion dollars worth of precious stones.
Their number one customer is the United States. Historically, Israel has accounted for between one third and one half of all the diamonds sold across America, a growing market already worth $20 billion per year.
Genocide Stones
Unlike gold, diamonds are rarely hallmarked, meaning that few American brides know that their engagement and wedding rings were crafted and polished in Israel. Even fewer are aware that their purchase directly funds the slaughter in Gaza and Israel’s ongoing seizure of land in the West Bank, Lebanon, and Syria.
“Overall, the Israeli diamond industry contributes about $1 billion annually to the Israeli military and security industries … every time somebody buys a diamond that was exported from Israel, some of that money ends up in the Israeli military,” Israeli economist, Shir Hever, testified at the Russell Tribunal on Palestine in 2010.
Perhaps the key figure in the Israeli diamond industry is business magnate, Beny Steinmetz. Considered by many to be Israel’s richest man, the 69-year-old founder of Steinmetz Diamond Group first entered the industry in 1988, purchasing a production factory in Apartheid South Africa.
Through his charitable foundation, Steinmetz has poured money into the Israeli Defense Forces (IDF), including “adopting” a unit of the Givati Brigade, buying equipment for them. During Operation Cast Lead in 2009, the brigade carried out a massacre, forcing dozens of Palestinian civilians into a house in Gaza, bombed the house, and prevented ambulances from approaching. Rescue workers who eventually found their bodies also reported seeing the words “The only good Arab is a dead Arab” daubed in Hebrew on the remains of the building.
More recently, the Givati Brigade has been filmed setting fire to Palestinian food supplies, and a Gaza sewage plant, as well as demolishing more homes.
Since October 7, 2023, Israel has destroyed 92% of the schools and residential buildings of Gaza, shot around 300 journalists, and killed at least 20,000 children. UNICEF estimates that 3,000 to 4,000 children in Gaza have lost one or more limbs. In addition to its violence in Palestine, Israel has invaded and occupied Lebanon and Syria, and bombed Iran, Tunisia, Yemen, and Qatar.
The US Pays in Dollars, Africa Pays in Blood
Israel’s appetite for diamonds is directly fueling civil war and bloodshed across Africa, where it supplies military hardware with governments, warlords, and local armed groups in exchange for access to the continent’s mineral wealth. Israel-based International Diamond Industries (IDI), for example, secured a monopoly on diamond production in the Democratic Republic of the Congo in a deal that, according to a United Nations panel, included covert weapons transfers and the training of Congolese security forces by IDF commanders. The deal was fantastically lucrative for IDI, who paid only $20 million for a monopoly generating $600 million per year.
Meanwhile, in 2002 in war-ravaged Sierra Leone, for just $1.2 million in cash, Steinmetz himself managed to acquire half of the Koidu Ltd., a company that accounted for 90% of the country’s diamonds. In 2011, Koidu produced a reported $200 million worth of diamonds.
Why authorities would agree to such ludicrously low purchase prices might be explained by a 2021 ruling by a Swiss court, that found Steinmetz guilty of paying $8.5 million in bribes to the wife of the president of Guinea. These bribes, the court ruled, secured him the rights to lucrative iron ore concessions in the country’s Simandou region. Steinmetz was sentenced to five years in prison. The Israeli billionaire is currently facing similarly grave corruption charges in Romania.
The diamond rush in D.R. Congo, Sierra Leone and other African nations has resulted in civil war, human trafficking, forced child labor, and other serious human rights violations by groups intent on securing a slice of the diamond industry for themselves. But they are relatively small players in comparison to the Israelis.
Hellbound and Down 