IDE President Shmuel Schnitzer: "Only cooperation, mutual respect and civilized behavior can bring about positive results and promote the exchange."
The IDE held its 66th Annual General Meeting on Tuesday in the trading hall of the exchange under the auspices of IDE President Shmuel Schnitzer, senior figures from the Israeli diamond sector, members of presidium and of the exchange.
Schnitzer opened the meeting by calling for a minute's silence for all the diamantaires who have died over the past year. IDE Director-General called on IDE Honorary President Avi Paz to open the meeting. Paz thanked all the members who had held office, IDE workers and Schnitzer. He spoke about the tough situation facing the sector and said the newly elected presidium would have to take tough decisions even if they are not popular. However, he said he had deep faith in the ability of IDE members and their children to enable people to earn a livelihood.
Pinchas Fuzailoff spoke on behalf of the elder generation of diamantaires. He said the founding members had overcome large obstacles and the younger generation would be able to do likewise.
Israel Diamond Manufacturers Association President Kobi Korn said the AGM was an important part of the work of the bourse. He said the domestic industry was at the point where a new generation would take over and would face difficult challenges. He said it was critical to remain optimistic.
Chairman of the sector's Taxation Committee, Arnon Yuval, spoke of the panel's work over the past two years and the progress that had been made with the Income Tax Authority.
Diamond Controller Shmuel Mordechai thanked all those who served the IDE including Schnitzer. He said the exchange had been hit hard in 2015. He said he would offer all assistance to the new president and directors elected. The President of the Israel Precious Stones and Diamonds Exchange, Shlomo Eshed, made similar comments.
Shmuel Schnitzer presented the president's report for the past two years and spoke of how moved he was to be ending his second period as IDE president. He said that he had been most disturbed when he became president two years ago by the strong arguments that were taking place in the bourse. "Over the past two years we have all made very big efforts to lay these aside and work together and work in solidarity.
"Only cooperation, mutual respect and civilized behavior can bring about positive results and promote the exchange. I am pleased that the directors agreed unanimously to award honorary president status to Yair Sahar."
Following his comments, he awarded honorary president status to Yair Sahar, making him the third former president to receive the award after Schnitzer and Paz. He congratulated Sahar and said that he was certain that whoever is elected as president could feel at ease about calling any of them for advice if he wanted.
Sahar thanked Schnitzer and all the directors for the award, saying it involved much responsibility. He said he believed the diamond industry would come through current struggles and called for solidarity with the new president and presidium. He said that following discussions with Alrosa, the Russian firm was looking into the possibility of supplying diamonds to the IDE.
There then followed the appointment of a new accountant for the IDE, a general discussion, a presentation of a report by the Control Committee.
