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Inaugural Israel Diamond Week concludes on successful note
Around 50 Israel Diamond companies participated
By: Diamond World News Service
Dec 12 2012 12:17PM
Reference: 7467  


The Israel Diamond Week concluded on the trading floor of the Diamond Dealers Club of New York (DDC), with a degree of success. Commenting on the same, leadership of the DDC agreed it was "the best initiative that has ever been organized for bourses members in such a short time frame."

The Israel Diamond Week was held in the first week of December, hosting 50 participating members of the Israel Diamond Exchange (IDE), who praised the initiative, which materialsed as an agreement between IDE President Yair Sahar and DDC President Reuven Kaufman, who chalked out the final details during the 35th World Diamond Congress in Mumbai in October. They said that the proof of the event's success was seen in the way it was decided, while it was being held, to extend the event by one day.

Reuven Kaufman noted that while 20 odd Israeli companies were expected to participate, the outcome of 50 was extraordinary. "Only the Israelis can pull off something like that," he said. More than 100 Israeli diamantaires, representing 50 companies, traded on the DDC floor. Yair Sahar said he was very pleased with the success of the inaugural Israel Diamond Week. "My mission, and that of the IDE board and management, is to create tangible, measurable added value for our members. I hope and believe that the Israel Diamond Week's success in New York will be followed by other similar initiatives that will lower the threshold to other diamond markets across the globe," Sahar stated.

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Israel is one of the world’s leading diamond exporters. Its exports valued at $22 billion in 2011 accounting for 30% of Israel’s total exports. In 2011 Israel’s Ministry of Defence budget was $14 billion. Revenue from the Israeli diamond industry generates funding for the Israeli military/security industry, a military which stands accused of war crimes and crimes against humanity. Without revenue from the diamond industry Israel could not afford to sustain the brutal, illegal occupation and subjugation of Palestine. Diamond-purchasers should be aware that approximately 50% of gem-quality diamonds in dollar terms are processed in Israel and these blood diamonds cannot be distinguished from diamonds processed in countries that respect human rights and international law. The time has come to boycott diamonds cut, polished and imported from Israel!
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