Following the signing of an agreement with the Jewellery Manufacturers Association of Hong Kong (HKJMA) at the International Diamond Week last week, Israeli diamond firms will be able to export goods to countries such as Indonesia and Malaysia.
Following the signing of a memorandum of understanding for cooperation with the HKJMA, Israeli diamond firms will be able export goods to states with which Israel has no diplomatic relations.
This means countries in Southeast Asia, including Malaysia and Indonesia. Exports to these countries will be carried out via the HKJMA, with the potential value of trade estimated to be hundreds of millions of dollars.
Israel Diamond Exchange President Yoram Dvash said, "The cooperation agreement with the HKJMA will enable Israeli diamantaires to enter the Chinese market and other important markets in Southeast Asia and will help them in coping with global competition from countries like Belgium and Dubai which provide measures to ease conditions for their diamond industries."
The new agreement is expected to provide significant assistance for Israeli diamond traders who will benefit from new markets where they will be able to operate, especially against the backdrop of increased worldwide competition.
Courtesy of the Globes financial daily.
