Shmuel Schnitzer Receives Honorary Membership of DDC

Receiving honorary membership of the Diamond Dealers Club (DDC) of New York, the President of the Israel Diamond Exchange (IDE), Shmuel Schnitzer paid tribute to the board and management of the IDE for creating the Israel Diamond Week last month at the DDC.

Schnitzer mentioned Ami Parter and Moti Fluk, as well as DDC President Reuven Kaufman and former IDE President Yair Sahar for their work in creating the Israel Diamond Week in New York and the US/International Diamond Week in Israel this year.

He said he received the award of honorary membership "on behalf of the 3,500 members of the Israel Diamond Exchange". He also made a presentation to Kaufman from the IDE in recognition of his work in leading the DDC.

 

                      

 

Schnitzer spoke of the importance of the US market for the Israeli diamond industry. He said that jewelry sales in the United States in the first seven months of this year totaled $40 billion which was higher than the same period of 2012.

However, he pointed out that the global diamond industry faces challenges. The most immediate issue is that of synthetic diamonds being mixed in undisclosed with natural diamonds. "We must take serious action to prevent a fall in consumer confidence. Disclosure is the main issue. We must ensure full disclosure. I am happy that the World Federation of Diamond Bourses is taking action in this direction."

Another pressing issue is financing for the diamond industry. "I regret that the banks are reducing their involvement. Over the years, the diamond industry has shown that it is responsible and has high ethical standards. Several diamond bourses are working on new norms for financial transparency, including with the tax authorities. I believe this will bring about a complete change of attitude among the banks to financing."

The third problem is that of conflict diamonds that is still an issue despite the great work being done by the Kimberley Process and the World Diamond Council (WDC). "The diamond industry can show every other trade how to work with with good human conduct, good citizenship and fair trade," Schnitzer said.

He thanked honorary WDC Chairman, Eli Izhakoff, who stepped down after 13 years leading the WDC.