Israel's Diamond Exchange said Tuesday it has expelled a longtime member for attempting to smuggle illegal Zimbabwe "blood diamonds" into the country.
Zimbabwe is banned from exporting diamonds under the Kimberley Process, the 75-nation regulatory group that seeks to end the trade of so-called blood diamonds, which fund violence in Africa.
Spokesman Assaf Levin said the bourse expelled David Vardi after he was arrested last week for his connection to about $200,000 worth of illegal Zimbabwe stones. He said his organization "will not tolerate dealing in blood diamonds."
The Israeli Tax Authority said the diamonds were recovered.
Israel currently chairs the Kimberley Process.