International Diamond Week Officially Opened

August

2015

The trade fair features more than 300 Israeli diamond companies who are exhibiting polished goods, and 400 buyers from more than 20 countries.

The Summer edition of the Israel Diamond Exchange's (IDE) International Diamond Week was officially opened on Monday morning.

There are delegations of buyers from around 20 countries.

The latest edition of the buyers week, which runs until September 3, features a delegation from the Diamond Dealers Club of New York, as it has with previous editions, but also members of the Antwerp Diamond Bourse and the Bharat Diamond Bourse in Mumbai.

The opening ceremony was held in the presence of IDE President Shmuel Schnitzer, Israel Diamond Manufacturers Association President Kobi Korn, the General Director of the Diamond Dealers Club of New York, David Lasher, and Marcel Pruwer, a member of the management of the Antwerp Diamond Bourse.

In addition, there were more than 100 buyers from abroad who were visiting the Israel Diamond Exchange for the very first time.

In addition, there is a large delegation from the Turkish national diamond and jewelry organizations.

The event was opened by IDE President Shmuel Schnitzer who greeted hundreds of diamantaires, both those exhibiting and buyers from across the globe.

"I am pleased to officially open the International Diamond Week, which has already achieved a permanent place in our events calendar," said IDE President Shmuel Schnitzer. "I would like to congratulate all the buyers from more than 20 countries such China, Japan, United Kingdom, France, South Africa, Spain, Sweden, Switzerland and Belgium and of course United States. In addition, there are approximately 100 new buyers for whom this is their first visit to the Israel Diamond Exchange and a large delegation of buyers from Turkey. On this occasion I would like to thank Moshe Nissan who fosters relationships with the Turkish buyers."

"You can't avoid the painful issue that we have been exposed to recently which is the complications of some businesses. I want to put the position of the IDE in a very clear voice and to say that the management of the bourse will deal with this very strongly and take unprecedented measures against those who violate our laws and the laws of the country. We will not fail to involve outside authorities and to investigate and to punish severely those who are involved in malicious plans which could cause are for disastrous results, "added Schnitzer.

"There is a wave of bankruptcies abroad and here in Israel. There is volatility in the diamond business worldwide, but we do not agree to any damage to the commercial ethics, honesty and integrity of the Israel Diamond Exchange.

Schnitzer also told participants about a pin that the IDE has produced for members which reminds members that they are "committed to integrity and ethics and the commercial companies of the exchange". He ended by wishing a happy and successful Jewish new year to all. At the end of his remarks, Schnitzer and Korn awarded honorary membership of the bourse to Marcel Pruwer for his contribution to the global diamond industry.

President of the Israel Diamond Manufacturers Association, Kobi Korn said, "This is the fifth time the International Diamond Week is being held and it has become a tradition. Yesterday I looked around the Trading Hall and saw the large variety of goods being offered for sale, and I believe that each buyer can find exactly what he's looking for. However, challenging times are moving facing the world and Israeli diamond industry. I urge diamond industry members to exercise caution, be alert and reduce costs so that we can return to good times again."

Guest of honor at the opening ceremony was CEO of Union Bank of Israel, Israel Trau who said, "Union Bank has a long history and inseparable relationship with the Israeli diamond industry this relationship has grown over the years and has led to Bank Union Bank becoming the leading bank in financing the diamond sector."

In his comments, Trau spoke of the macroeconomic economic changes the world markets are facing and economic slowdown in the Israeli economy in general and in the diamond sector in particular. "In this challenging period, it is important that Israeli diamond companies continue to act responsibly and demonstrate tolerance, given the current economic climate. Last year was difficult and challenging, but we have complete faith in the Israeli diamond industry. I wish you a happy new year and good luck for the diamond industry."

The Chairman of Istanbul's Chamber of Jewelry (IKO), Norayr Isler, said that the city's diamonds and precious gems exchange will open soon, and with it the door to millions of consumers in Turkey. "Israel will play a leading role in the effort, and assist in establishing an exchange in Turkey. We have the opportunity to work together, and we are very pleased about that, "he said.

Marcel Pruwer, former President of the Antwerp Diamond Exchange, said that the industry is experiencing a difficult period and faces different challenges. "Diamonds are formed only under pressure. If there is no pressure there are no diamonds. We are located in the middle of the manufacturing chain (the mid-stream) and experience the many pressures the industry is facing. However, we must work together to find solutions to the current situation, and the International Diamond Week, that was born as a result of the cooperation between several diamond bourses, is an excellent example of such solutions. "We have a big business It's not going to be the miners who make it a better business. This will be done by the retailers. It will be the diamond exchanges that make it happen. We will move this business forward and turn it into a huge industry. On behalf of the delegation from Antwerp, I thank you for your warm hospitality and wish a good week for everyone," he added.

DDC of New York General Director, David Lasher thanked the Israel Diamond Exchange on the occasion of the International Diamond Week, and said it had become a successful event. "You showed us that during challenging times our industry won't sit idly by."

At the end of the speeches, in a gesture that already become a tradition, the Chairman of the International Diamond Week Organizing Committee, Moti Fluk and IDE President Shmuel Schnitzer beat a gong to officially signal the start of the event.

The trade fair features more than 300 Israeli diamond companies who are exhibiting polished goods, and 400 buyers from more than 20 countries.

Among the outstanding items on display was a pen called Venice, and is part of a Cities in the World series by jeweler Ilya Anbinder. It is made from 155 grams of 18K gold and set with more than 2,000 diamonds weighing a total of 16.7 carats.