3rd International Rough Diamond Week concludes successfully

The 3rd International Rough Diamond Week closed on May 26 on a success note for both rough sellers and buyers. Shai Schnitzer, Chairman of the 3rd International Rough Diamond Week, said that one of the most important accomplishments of this event was the attendance of representatives from diamond producing companies that have not yet sold rough in Israel. “Israel’s position as a leading rough trading hub has attracted interest in our market. We were able to bring executives from some important mining companies to the event to explore opportunities for cooperation in the future. I believe that what they have seen will convince them to work with us in supplying rough diamonds to Israel,” he said.

The event was held on the rough trading floor of the Israel Diamond Exchange (IDE) from May 22 – 26, 2016.

Participating rough producers – De Beers Auctions, Rio Tinto and Alrosa, as well as Israeli importer Tzoffeys 1818 – reported a high level of interest in their tenders. Leading Israeli rough importers who participated in an open sales area reported active interest.

Israel Diamond Exchange President Yoram Dvash said that he was very pleased with the event and the reaction of Israeli manufacturers. “The Israeli industry needs a strong manufacturing base and we are doing everything possible to bring that about. Manufacturers need to have a steady supply of the right rough goods at attractive prices. That’s why we invest so much effort in expanding rough supply direct from the source. We will continue to work in this direction to strengthen Israel as a manufacturing center,” he said.

Among those companies who took interest in exploring opportunities in Israel was Gem Diamonds, whose Group Sales and Marketing Executive Brandon de Bruin met with a group of diamond manufacturers at the offices of the Israel Diamond Manufacturers Association (IsDMA), headed by its President Jacob (Koby) Korn. De Bruin said that Gem Diamonds would seriously look into holding viewing for diamond tenders from Letseng mine in Israel as well, which would open up important opportunities for local manufacturers.