Israel stands to boost its international status as a rough diamond trading center with the third International Rough Diamond Week (IRDW) to be held from May 22 to 26.
The Israel Diamond Exchange (IDE) expects the event to attract a record number of international buyers as well as hundreds of Israeli diamond manufacturers.
The rough diamond week will feature tenders and auctions by major diamond producers De Beers Auction Sales, Alrosa, Rio Tinto and more. As in the past, IRDW will be held in the IDE rough trading hall, where private viewing rooms will accommodate buyers.
Shai Schnitzer, a member of the IDE Presidium and Chairman of the International Rough Diamond Week, said that he was keen to expand the week into an international event.
“Israel is a major player in the rough diamond industry, with a trading volume of over $5 billion in 2015. The event concentrates large amounts and varieties of rough in one location, making this a very attractive opportunity for buyers from Israel and abroad.” Schnitzer added that a program of networking and social events would be held in conjunction with the IRDW.
Israel Diamond Exchange President Yoram Dvash said that the Israeli diamond industry is manufacturing-based, therefore a steady supply of rough is critical to the success of the sector.
“We have made great efforts over the last several years to attract major diamond producers to Israel, to increase and diversify the rough supply here. The Rough Diamond Weeks have been an essential element in our strategy. After the success of the first two events, we are now seeking to expand this into a truly international rough marketplace. This will in turn enable us to offer a larger and more varied rough supply to both local and foreign buyers,” he said.
