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Home > Diamond News Center > Diamond News > Israel

From New york to Hong kong, the Israeli diamond trade shines

/ Israel

Israel Diamond Week in New York
דורון בניטה IDE  Enlarge
Israel Diamond Week in New York
The International Diamond Week held in Israel at the beginning of September gave the domestic market a boost of confidence. Although caution still prevailed, there were moderate sales of goods that could move quickly, and strong networking opportunities with U.S. buyers.

The Hong Kong show, with about 120 Israeli companies exhibiting, took place in the middle of the month. Far East demand was slow, but the show was better than expected; most demand came from U.S. and European buyers, and the Israeli pavilion enjoyed strong activity. Towards the end of the month demand for commercial goods improved with dealers focused on U.S. buyers prior to the holiday season. Prices of large, high-end diamonds were steady due to a shortage in the market.

The Israel Diamond Exchange (IDE) announced a “Rough Oktoberfest”, holding several rough diamond tenders and sales events during the month. Rio Tinto opened with a tender for 10.5+ carats held October 11-15. Tzoffey’s tender takes place during October 18-26, offering 5-10 carat goods, as well as specials of 10.5+ carats. De Beers will hold an event for 5+ and 10+ carat goods on October 25-27.

The Diamond Dealers Club in New York scheduled the fourth edition of the Israel Diamond Week for October 19-22. More than 100 Israeli companies will join their American colleagues on the DDC trading floor during the week. The event is expected to generate a lot of business before the American holiday sales season.

IDI at Hong Kong show
IDI  Enlarge
IDI at Hong Kong show
The Israeli Diamond Industry plans to build a new shared manufacturing facility for polished diamonds larger than 10 carats, to be located within the IDE complex, offering the same high level of security that the bourse provides. The project - a collaboration of the bourse, the Israel Diamond Institute Group of Companies and the Israel Diamond Manufacturers Association - is part of an effort to improve Israel’s competitiveness as a diamond manufacturing center. The large diamond polishing facility will accommodate approximately 15 rooms and fees will not be subsidized.

The first section of Israel’s new Anti-Money Laundering Law, dealing with client identification, went into effect on September 15, with the second part of the legislation effective in mid-October. From this point on IDE members will be subject to supervision of client identification by the Diamond Controller, requiring each company to appoint an officer responsible for implementing the law.  Representatives of the international Financial Action Task Force (FATF) are expected to visit Israel to inspect implementation.

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