The vast complex of four interconnected towers in Ramat Gan, home to approximately 3,200 members, is now seeing a higher number of members retiring or passing away than new members joining, according to IDE President Nissim Zuaretz.
“In the prosperous years of the industry, we welcomed around 200 new members annually, but in the past year, that number has dwindled to just 30,” Zuaretz shared in an interview with Ynet. To combat this downturn, the IDE has halved its membership fees in an effort to attract new blood to the exchange.
Zuaretz attributed the decline to several factors, including the ongoing war in Gaza, which has severely impacted the country, and the reduction in international flights due to the conflict. Additionally, the global recession has taken its toll on the diamond industry, with Israel’s diamond exports plummeting by 48% in July compared to the previous year.
As the IDE navigates these challenging times, efforts are being made to adapt and reinvigorate the exchange, though the road ahead remains uncertain.
