The Judicial Committee provides ongoing legal counsel to the institutions of the Diamond Exchange. In this context the Judicial Committee is also in charge of updating and modifying the Articles of Association of the Diamond Exchange to meet the current needs and policies of the Diamond Exchange directorate.
The Judicial Committee is also responsible for enforcement institutions including the Diamond Exchange Arbitration Tribunal, Disciplinary Committee and Committee of Experts, Duty Officers, etc.
Arbitration Tribunal – One of the most prestigious institutions of the Israel Diamond Exchange whose verdicts stand the test of the Israeli judicial system. The Arbitration Tribunal is a professional institution which serves as an alternative to long drawn-out court litigation procedures in the event of disputes arising amongst diamond traders wherein the arbitrators dealing with these disputes are diamantaires and members of the Diamond Exchange.
Duty Officers – Every two weeks, the Diamond Exchange directorate appoints two duty officers from among its members. The duty officers are charged with maintaining order and proper behavior in the Diamond Exchange buildings and trade halls, and to resolving issues where disagreements arise concerning the behavior and conduct of its members. Among other things, the duty officers are authorized to impose fines and/or suspend or expel members from the Diamond Exchange Trade Hall.
Disciplinary Committee – The Committee discusses offenses of members regarding behavior contrary to customary standards of propriety. The Committee's authority includes: publicizing an apology, remark or observation, warning, the imposition of a fine, temporary suspension, or even permanent expulsion from the trading hall.
Committee of Experts – In the event that somebody requires a valuation of diamonds as part of an arbitration process between members of the Diamond Exchange, the Judicial Committee appoints a Committee of Experts to estimate the value of the diamonds under dispute. A list of about 60 diamond dealers is available to the Committee from which the Committee appoints three in accordance with their field of expertise and the arbitration requirements. These experts are also employed to render diamond valuations if so requested by a court of law.
