A delegation of senior De Beers executives paid a visit to the Israel Diamond Exchange (IDE) where they held talks with local leaders about the most important topics affecting the diamond trade.
From the Israeli side, the industry representatives were the exchange's CEO , Moti Besser , Yoram Dvash , Chairman of the IDE's Industry Committee, Meir Dalumi , Chairman of the IDE's Legal Committee, and IDE member David De Toledo, along with Kobi Korn , President of the Israel Diamond Manufacturers Association (IsDMA) , Moti Ganz , Chairman of the Israel D iamond I nstitute, Ofer Laufman , Managing Director of IsDMA .
The De Beers executives were told by Dvash and Dalumi about industry concerns regarding the large spread between the price of rough and polished diamonds, and that it was becoming unprofitable to manufacture goods.
Rowley told the Israeli diamond sector members that De Beers only controls around 35% of the rough market today, compared with its overwhelming control up to a decade or more ago.
In addition, the miner is sensitive to market concerns, but that it does not see retail prices declining, thus rough prices are justified.
Kor n spoke about tax issues, securing bank credit in Israel compared with the situation in India , and the high price of rough goods .
He also told the guests about the special events due to tak e place at the Israeli exchange this year, the Winter and Summer editions of the International Diamond Week, the Presidents' Meeting of the World Federation of Diamond Bourses and of the International Diamond Manufacturers Association .
Meanwhile, Moti Ganz told the visitors of Israel's plan to work with a group of banks and insurance firms for them to provide credit for the diamond industry .
He also spoke about t he subject of synthetic diamonds, telling the De Beers leaders that different taxes are levied on them by the Israeli tax authorities.
