Dr. Hedva Bar, Supervisor of Banks, visited the Diamond Exchange .
During the visit, we presented the power of the diamond industry and its impeccable legacy which forms the basis for its function to this day. We also showed the history of the field, including its glory days but also the difficult times it endured.
"We highlighted to Mrs. Bar the dramatic role of banking and government support, especially under the current circumstances of tough competition and the level of government support that diamantaires receive in other countries." Said the president of the exchange, Mr. Yoram Dvash
Members of the Diamond Exchange who are well acquainted with the policy of banks around the world and in Israel were also invited to the meeting,in order to present their business experience in light of of the credit crunch in Israel, as opposed to the approach of banks in other countries.
During the meeting, the Supervisor was briefed on the many steps that were taken to achieve maximum transparency and to comply with the requirements of the Tax Authority.
Mrs. Bar complimented the complex and challenging processes, explained the great importance of managing business in compliance with money laundering laws and compliance with the tax laws. She noted that the supervision discussed with the banks on the subject and that the decision to initiate a voluntary disclosure process would reduce the sector's risk level.
She then asked those present to call on more members to turn to voluntary disclosure and submit audited reports as required. The greater the number of diamantaires who will do so, the lower the risks of granting credit, which will increase the motivation of banks to provide credit to businesses in the industry.
It was clear that the tremendous revolution that the sector was undergoing would be possible and complete only if the problem of financing was solved. it has been made clear that the funding problem is not a "small disturbance," but a cardinal problem that significantly limits our growth potential.
At the end of her remarks, the supervisor reinforced our common path, concluding that the stock exchange made bold and great moves to change the policy and promote the industry.
Riki Elias, Deputy Commissioner, Erez Gadi Assistant Superintendent, Keren Benglas, Head of Risk Compliance Unit and Dror Goldstein accompanied the supervisor.
