The main purpose of this paper is to show that Jewish diamond dealers in Belgium were kept active and alive longer than they otherwise would have been in order to provide the German war industry with vital raw materials. In doing so, the German military administration in Belgium, in its struggle for power against National Socialist institutions (the military rulers in Brussels were less eager to “Aryanize” the Belgian economy than to exploit it efficiently), actively supported a prolonged Jewish presence in the German-controlled Belgian diamond industry.