Ramat Gan: Israel Diamond Exchange (IDE) President Shmuel Schnitzer has held a festive reception for the Indian diamond community working in Israel to mark the start of the Diwali festival.

The celebration has become a traditional event at the bourse, taking place for the seventh year in a row. The event was held in the presence of India’s ambassador to Israel, Jaideep Sarkar, the Managing Director of the State Bank of Israel (SBI) in Ramat Gan, Maher Kumar Sharma, the President of the Israel Diamond Manufacturers Association, Kobi Koren, the President of the Israel Precious Stones and Diamonds Exchange, Shlomo Eshed, members of the bourse presidency, senior members of the Israeli diamond sector, and scores of IDE members and Indian diamantaires, the IDE site reported.

IDE President Schnitzer welcomed the participants, saying: “I am happy to continue this tradition at the IDE. The tradition symbolizes the close relations that have developed over the course of many years with the Indian diamond community in Israel and which has become an integral part of the Israeli diamond community.

“I am very happy that we succeeded in including the Israeli diamond trade in the Israel-India Free Trade Agreement. This will be an important event for trade between our countries,” Schnitzer added.

Ambassador Sarkar said: “The Indian diamond communities worked very hard to bring together the two diamond sectors in our countries even before diplomatic relations were established in 1992. The diamond industry is a very important pillar in the trade between our countries, and it is one of many industries that are thriving in our trading relations. The Indian government respects Israel and maintains close relations with her. The Prime Minister, Narendra Modi, has visited Israel in the past and I expect relations will develop even further in the future.”