Shmuel Schnitzer: Diamonds Still Desired Prestigious Gift

September

2015

IDE President Shmuel Schnitzer: "There was a recent survey among women in the United States where they were asked what was the most prestigious gift they would like to receive, and they overwhelmingly said diamonds."

IDE President Schnitzer talks about the success of the 5^th edition of the International Diamond Week being held this week at the Trading Hall of the IDE.

"I think one of the biggest differences between this edition of the International Diamond Week and the ones that went before, which were no less impressive, is that I am hearing a lot of very promising comments about the number of transactions being carried out. People are doing business, and that is very important. We have seen a great deal of activity and buyers from all across the world coming here to buy diamonds, and that is great for our members," he said.

"Regarding the slowdown in China and other markets, in times of downturn you can always come out strengthened. Diamonds are and will always remain an in-demand and prestigious product. About that there is no argument. There was a recent survey among women in the United States where they were asked what is the most prestigious gift they would like to receive, and they overwhelmingly said diamonds. So, even so the market is a bit weak currently, I remain optimistic about the future because the value and status of diamonds remains strong.

"We are a great example of inter-bourse cooperation. The more the better and will help the global diamond industry. Any new exchange that wants to take part is very welcome.

"The International Diamond Week is an example of the added value that we are bringing to our members. Because the situation globally is difficult we are always thinking of how to improve the situation and help them without adding to their costs. We provide this free of charge to our members as compared to the international trade fairs where participation and travel and all the other related costs amount to tens of thousands of dollars.

"The diamond industry is undergoing tremendous technological changes. I estimate that around 30 percent of sales are via electronic systems. Many members of the diamond industry do not understand these things, so we run courses for our members which are aimed at helping them understand these new ways of selling and marketing via the Internet.

"We will organize two more International Diamond Week events next year – in February and September. A new event we have launched this year is buyers days for Israeli diamantaires being held on Thursday at the end of each month who come down to the Trading Hall from their offices and that enables them to see a great deal of polished goods that they would not otherwise see. We will take part again in the Israel Diamond Week at the Diamond Dealers Club of New York and we have also been invited to take part in events in India and Belgium," he added.