IDE celebrates 70th anniversary amidst a huge participation

The Israel Diamond Exchange (IDE) celebrated its 70th anniversary on 24 November 2008, at the Mann Auditorium in Tel Aviv with the participation of thousands of diamantaires from Israel and abroad. The special guests included Israel’s Minister of Industry, Trade and Labor Eli Yishai; Ramat Gan Mayor Zvi Bar; DTC Managing Director Varda Shine; Chairman of the World Diamond Council Eli Izhakoff; CIBJO President Gaetano Cavalieri and representatives from diamond exchanges in China, the U.S. and Europe.

Avi Paz, President of IDE and the World Federation of Diamond Bourses, said the participation was a tribute to the importance of the Israeli diamond center within the world diamond industry. Addressing the world economic situation, Paz said: “What we achieved over the past 70 years did not come easily! Our industry has gone through difficult times as well as periods of huge success and prosperity. At this time it is especially important to act with determination, optimism and cool-headedness.”

Paz called upon Minister Yishai to immediately ensure that the Government’s emergency economic plan provides solutions for diamantaires harmed by the world economic crisis. In response, Minister Yishai assured, “Your leadership is a very special one – filled with wisdom, professionalism and modesty. You pursue your vocation with resoluteness and during this difficult time you are showing vision, determination and conviction. I believe in your abilities and I will always be at your service in all positions that I will hold.”

Managing Director of Israel Discount Bank Giora Offer declared support to the Israeli Diamond Industry. “Israel Discount Bank, the largest bank in the finance of Israel’s diamond industry, stands beside you. Together we will get through this period with a great deal of appreciation and esteem for your achievements of which we are all proud.” The highlight of the evening was the bestowal of Honorary Membership in the Israel Diamond Exchange to DTC Managing Director Varda Shine. Avi Paz said: “Varda Shine is a pioneer in the global diamond industry. She is the only woman in the history of IDE to receive Honorary Membership.” Shine received the honour saying, “It is a great honor for me to receive this title and I feel proud to be the first woman to hold it. Thanks to your human capital, entrepreneurship and strength you will know how to continue your path forward. We must all learn from the diamond during this period – to be transparent, clear and strong,” she added.

Shine said “The future of the diamond looks excellent, largely because there are no new mines in the world and the diamond is becoming rarer and rarer. At the same time, research is showing that during 2011 a growth in demand for diamonds is expected in countries with a developing middle class.” She reiterated that De Beers would significantly reduce the supply of rough diamonds in the near future and stressed the need to remain optimistic.