3rd International Rough Diamond Week Kicks Off

Ramat Gan: The 3rd International Rough Diamond Week was kicked off at a well-attended opening ceremony in the Israel Diamond Exchange (IDE) Rough Trading Hall, against a backdrop of pavilions serving major rough producers.

IDE President Yoram Dvash said that he was happy to see such a large turnout of diamantaires at the event. “The rough diamond is the first stage in a very long journey of the diamond from mine to consumer. We all know the importance of a steady supply of rough for manufacturing. Marketing and manufacturing are the two winning cards of our industry,” he said.

Dvash also brought news direct from the World Diamond Congress, where he had been able to pass two initiatives to increase transparency in rough diamond transactions. From now on sellers will have to inform buyers if the stone has undergone scanning by the Sarine Galaxy device, which reveals internal inclusions. Moreover, Dvash said that a resolution was passed calling on gemological laboratories around the world to adopt special terminology for synthetic diamonds.

Dvash said he sensed a positive atmosphere at the opening, which “is the first step in encouraging good business transactions. We’re very pleased to see the large players here. Our center needs them, and they are very happy to hold tenders here. The Israeli Diamond Industry is the major buyer of large rough diamonds; we buy about 80% of these goods,” he said.

Shai Schnitzer, Chairman of the International Rough Diamond Week, said that this year the event was expanded to include several new features. In addition to regular tenders by De Beers, Rio Tinto, Alrosa and Tzoffeys 1818, an open sales area would feature important Israeli rough importers in rotation. Moreover, Bereshit Diamonds would hold a sale of a special allotment for young manufacturers of rough diamonds imported directly from Africa and offered at attractive prices.

Schnitzer also said that representatives of various mining companies would attend the event for the first time in order to explore opportunities for cooperation with the Israel Diamond Exchange in the future.  IDE’s 3rd International Rough Diamond Week will be held from May 22 until May 26, 2016.