IDE holds meeting to discuss industry issues

Discusses marketing budgets, promotion and synthetic diamonds amongst other issues
Image Courtesy: IDE
Image Courtesy: IDE

The Israel Diamond Exchange (IDE) recently held a meeting to discuss matters of concern to the diamond industry, reports say. There was an enthusiastic participation by IDE members and young people at the meeting wherein discussions touched on current opportunities and challenges. It was chaired by IDE President Shmuel Schnitzer, IsDMA President Kobi Korn and IDE Board members.

IDE President, Shmuel Schnitzer noted that the special meeting had been called to “enable bourse members to raise their concerns and discuss suggestions so we can strengthen the ties between the managers of the bourse and its members.” Schnitzer also informed the meeting about steps taken by the bourse to arrive at solutions.

Increasing marketing budgets, creating marketing platform for end consumers, and different identifying and documenting for synthetic diamonds were some of other key ideas raised. This was a special session of the diamond bourse held.

IDE Managing Director Moti Besser mentioned that in the first half of this year, IDE’s polished diamond exports dipped 20 percent, and credit with banks stood now at1.3 billion shekels nearly half of its 2008 level of 2.5 billion shekels.

IsDMA President Kobi Korn commented that industry data from the last 20 years showed that the current situation was difficult. "We’re seeing a fall in credit, exports, imports and prices and above all – a decline in profitability. The drop in rough imports has increased the deficit and we’ll have to cut down on some activities we had planned for next year. ”

Diamond Controller Shmuel Mordechai said that 2014 was a good year, and that the comparison of the first half of 2015 with the same period last year “shows an inaccurate picture”. He spoke about the Modern Manufacturing Center that opened last year in Ramat Gan, which increases local manufacturing, and that solutions must be sought to enhance marketing to other diamond markets.

Yoram Dvash, Chairman of the Industry and Marketing Committee and organizer of the symposium, highlighted the difficulty for manufacturers and the wider industry since a few diamond producers controlled the global rough market. He also said urged bourse members to become involved and join the bourse’s activities, as most of the revenue is directed at maintaining infrastructure, and there is not enough left to promote other industry related initiatives.

Schnitzer added there must be a seriousness to the current situation and hope floats for the industry. He added there should be a focus on manufacturing and from purchasing rough to manufacturing. ‘We also need to bring along the future generation of the industry, so they can lead it in times to come,’ he stated. The session also focused on online marketing, purchase of rough, synthetic diamonds and the importance of getting buyers to come to Israel.


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