Varda Shine, Executive VP, Global Sales, De Beers, praised the initiative of the Israel Diamond Exchange (IDE) as she officially opened the US/International Diamond Week at the exchange on Sunday.
"I am delighted to witness the opening of this event which I hope will be the start of a long tradition in Israel," Shine told the hundreds of diamantaires gathered in the exchange's trading hall where the March 17-20 event is taking place.
"With the worldwide situation being volatile, we must find ways to keep going forward. The innovation that we see in Israel is not seen in other countries. There is a great deal of initiative here, and that will keep Israel at the forefront of the global diamond trade," she added.
US/International Diamond Week officially opened. Photo: Fuchs
Trading Hall at opening ceremony. Photo: Ya'ankale.
IDE President Yair Sahar described the event as an "historic moment" and said that Varda Shine had been surprised at the huge interest in the event and the large turnout. He said the global diamond industry had faced great difficulties since the 2008 global financial crisis, but that members of the world's diamond bourses and the diamond producers had all played a part in ensuring the industry would continue to flourish.
"Our bourse has managed to continue and strengthen and I believe we will see a great year in 2013. He thanked the Israeli companies exhibiting at the event and the foreign buyers who flew into Israel to take part, as well as companies who will be holding auctions of rough and polished diamonds and a sale of high-end diamonds and colored gemstones on the last day of the Diamond Week." More than $1 billion of diamonds are being offered for sale.
"This event is putting us on the frontline of the global diamond business. These are the kind of events that will help take us for forward through the next decade," Sahar added.
Israel Diamond Institute Chairman Moti Ganz said the aim of the event was to help the Israeli diamond sector to grow and flourish. "This 'festival of diamonds' is part of our efforts to re-invent ourselves which is crucial to expanding our business. I hope we will see more such diamond festivals in the future."
Israel Diamond Manufacturers Association President Avraham (Bumi) Traub said that by uniting all the elements of the diamond industry it was possible to create large initiatives to the benefit of all members of the trade. "Nothing can be taken for granted. We all have to work hard to create these events in order to help all bourse members."
