The formal opening of the 2015 Presidents Meeting in Tel Aviv took place on Monday.
Israel Diamond Exchange President Shmuel Schnitzer opened the proceedings the 2015 Presidents Meeting with a speech that touched on the issues affecting the Israeli and global diamond trade.
He spoke the difficulties of financing and profitability, and the need for transparency saying that the Israeli diamond trade was working hard to become ever more transparent.
He also said that the IDE was hoping to sign an agreement with the tax authorities.
Schnitzer also spoke about the issue of price lists in the diamond trade, especially the Rapaport list. He said the responsibility on Martin Rapaport in producing his price list was immense. I have known Martin for many years, but his decision-making process must be totally transparent and much broader. We must try and reach a solution."
Regarding the discovery last month of more than 400 diamonds that had been submitted to the GIA in Ramat Ran and subjected to a treatment that would enable them to reach a higher color grade, Schnitzer said: "We acted firmly and called in the police and we are waiting for completion of their investigation. Only then will we draw conclusions and take action."
He was followed by Israel Diamond Manufacturers Association President Kobi Korn who said the industry was at a crossroads and the industry needed to take the right decisions that would put it on the right path for the future.
Among the other speakers were World Federation of Diamond Bourses (WFDB) President Ernie Blom gave a wide-ranging review of the challenges facing the global diamond industry. Among the issues that he spoke about were falling profitability and declining bank credit, synthetic stones, overgrading, and generic diamond marketing, he said.
"Conditions in the diamond industry are far from easy and they have been that way for quite a number of months," Blom said. "These are complicated times for the diamond industry across the world. I must stress that the WFDB is fully aware of the breadth and depth of these issues and that we are taking all steps possible to address them and to aid all our members."
Following Blom, were Maxim Shkadov, President of the International Diamond Manufacturers Association, and Gaetano Cavalieri, President of CIBJO.
