The Israel Diamond Exchange (IDE) held the 6th International Diamond Week in Israel (IDWI) last week (February 13-16), bringing hundreds of exhibitors and buyers to the bourse.
Opening Ceremony
The IDWI opened on Monday last with a festive opening ceremony attended by Tourism Minister Yariv Levin, leaders of the diamond industry and distinguished guests from overseas. Levin praised the organizers of the event as well as the buyers who had arrived from abroad, saying: “The presence of so many foreign buyers is testament to the importance of the Israeli diamond trade despite the difficulties it is facing at the moment. Israel has a long tradition as a pioneer both in diamonds and in tourism”.
IDE President Yoram Dvash spoke next, mentioning the improving business atmosphere and saying: “We are here to do the thing we do best: buying and selling diamonds. It’s in our DNA”.
Alrosa President Andrei Zharkov, who as a guest of honor at the IDWI, addressed the audience in Hebrew and spoke about the rough and polished tenders to be held during the week.
IDI Chairman Shmuel Schnitzer called the IDWI “a welcome initiative” and added: “This year looks promising and I wish us all great success”.
Later that day, Alrosa President Zharkov held a before leading Israeli diamond companies, a meeting attended by IDE President Yoram Dvash and Israel Diamond Manufacturers Association President Kobi Korn. Dvash spoke about Alrosa’s status as the main rough diamond supplier in the market, and the joint interest of Alrosa and the IDE to strengthen ties for the benefit of the Israeli diamond industry.
IDE Managing Director Eli Avidar spoke about Zharkov’s vast experience in the mining and diamond industries and invited him to speak.
Zharkov the spoke of Alrosa’s interest “in supporting different major diamond hubs in the world such as the Israeli diamond bourse”, and cited the importance of the 2015 MOU between Alrosa and IDE to share information and cooperate on issues of mutual interest. He also spoke of Alrosa’s various interests in the global diamond market, such as better differentiation between natural and synthetic diamonds, heightened transparency, and the main markets Alrosa caters to. “Israel is one of Alrosa’s three main markets as a major buyer of high quality, large diamonds”, he said, “and we are committed to strengthening this cooperation. We will hold tenders of rough and polished that will reflect your needs and the excellent manufacturing conditions at place in Israel”, he said.
New International Tender Center Opens
On the second day of IDWI, the IDE opened the new International Tender Center, established by the bourse to consolidate under one roof as many polished and rough tenders as possible.
Speaking at the ceremony, IDE President Yoram Dvash said: “The new International Tender Center is an important initiative. Our diamantaires participate in diamond tenders abroad, which naturally incurs costs. Starting today, the new center allows bourse members to enjoy direct access to leading international diamond suppliers while saving on travel, accommodation and insurance costs. This morning, we received some happy news from Okavango saying they’ll be holding rough tenders here, and I’m very glad for that”.
At the end of the ceremony, the ribbon was cut by Dvash, Zharkov and IDI Chairman Shmuel Schnitzer. Deputy Minister of Finance Yitzhak Cohen affixed the mezuzah on the entrance to the new International Trade Center.
Later in the day a Memorandum of Understanding was signed between the young generation forums of the Hong Kong Jewelry Manufacturers’ Association (HKJMA) and the IDE for cooperation and business promotion. IDE President Yoram Dvash cited the longstanding business cooperation between the diamond industries of Israel and Hong Kong. “We feel very close to you based on shared values. The young generation of both our countries have a great future. We can grow together,” he said. The MOU was signed by Dvash and by Kevin Ng, head of the Young Generation Forum of HKJMA.
DPA Announced Plans for 2017
Jean-Marc Lieberherr, CEO of the Diamond Producers’ Association (DPA), gave a presentation later that afternoon, outlining the strategic direction of their generic diamond marketing program targeting Millennials. The lecture was attended by IDE President Yoram Dvash, President of the Israel Diamond Manufacturers Association (IsDMA) Kobi Korn and IDE members.
Lieberherr invited members of the Israeli diamond industry to make use of the marketing materials produced by the DPA and to interact with him with suggestions and concerns. He also invited diamond industry organizations to partner with the DPA on joint programs.
During his lecture, Lieberherr updated the audience on the activities of the DPA, its goals and its plans for the future: We have approved our plan for 2017, we’re increasing our marketing budget in the US, and we’re working on launching another campaign in the US in September of this year”. Lieberherr added that the DPA has secured the only Oscars commercial spot for the diamond industry this year (February 26).
Next Year’s IDWI
The second day of IDWI concluded with a festive cocktail reception at the Leonardo City Tower Hotel for all participants. Haim Volner, IDWI Committee Head and Chairman of the Steering Committee for Polished Diamond Exhibitions, said: “We are very excited by the encouraging attendance of so many buyers and exhibitors from all over the world – a testament to your faith in the Israeli Diamond Industry. I just want to ask one thing of you: When you get back home, tell everyone to attend next year’s show, which will be even better and bigger”.
This year, in lieu of buyers’ preferences, the schedule of the IDWI was slightly different. Buyers and visitors conducted trade at the main Trading Hall at the bourse on Wednesday, while Thursday was dedicated to personal meetings at the IDE. Buyers also spent Thursday in touring Jerusalem, free of charge. A bus full of guests – mostly from China, Hong Kong and India – had a day to remember in Jerusalem. They visited the Mount of Olives, enjoyed a walking tour of the Old City and the Jewish Quarter, including a visit to the Western Wall. The group then walked through along the famous Via Dolorosa and up to the Church of the Holy Sepulchre and the spots where Jesus is believed to have been crucified, prepared for burial and his tomb.
The IDWI, which was covered by news outlets both local and international, ended on a positive, optimistic note, with many participants vowing that the event met the high expectations set by the organizers.
