Sentiment in Ramat Gan was positive in mid-March when Israeli diamond dealers returned from the Hong Kong show with greater optimism about the market. Polished trading improved as new production became available. Toward the end of March trading slowed. The Basel fair proved to be a disappointment to Israeli participants, and demand for large stones remained sluggish. There was steady demand for fancy shapes, especially pears, ovals and emerald cuts. Polished demand from the Far East was slow and the U.S. demand was supporting the market. Rough trading was steady but high auction prices caused concern.
As previously reported Israel had a major presence at the HKTDC’s Diamond, Gem and Pearl Show from March 1 – 5, 2016. Energy at the show was positive and created optimism for an improved market, which dissipated slightly later in the month. Israel Diamond Exchange President Yoram Dvash used the opportunity of his visit to the show to hold meetings with the leaders of Hong Kong’s diamond and jewelry industries. Notable was a meeting with the President of the Diamond Federation of Hong Kong Lawrence Ma, Federation CEO Lily Chan and CEO of Chow Tai Fook Kenneth Wong. As well as a meeting with the Hong Kong Jewelry Manufacturers Association Chairman Adam Lau and CEO Wings Cheung. The goal of the meetings was to strengthen the relationships between the two centers and to increase future cooperation. Dvash said that he sensed the start of a recovery in the Hong Kong market.
Israel Diamond Institute Chairman Shmuel Schnitzer reported that while he was in Hong Kong IDI had been invited to participate in additional shows in Asia. He said that IDI would make every effort to participate in the show in Shanghai in November, in order to afford Israeli companies the opportunity to be in direct contact with Chinese buyers.
During the month IDE President Yoram Dvash called for an increase in credit lines to finance the diamond industry worldwide. He said that this issue would be at the top of the agenda at the World Diamond Congress in Dubai in May.
IDE announced that it would hold the third International Rough Diamond Week from May 22 – 26, 2016, with the participation of major diamond producers De Beers Auction Sales, Alrosa, Rio Tinto and others. Organizers said that this event would be expanded to attract international rough buyers as well.
Hayahalom, IDI’s Hebrew language trade magazine launched in 1944, is ceasing to publish. Recently its longstanding editor, Shira Ami, announced that she was retiring, precipitating the closing of the magazine.
