Israel Wraps Up Successful Rough Diamond Week

IsdeRamat Gan: The 3rd International Rough Diamond Week, which ended today, was judged a success by both rough sellers and buyers. Participating rough producers – De Beers Auctions, Rio Tinto and Alrosa, as well as Israeli importer Tzoffeys 1818 – reported a high level of interest in their tenders. In addition, leading Israeli rough importers who took part in an open sales area reported active interest.The event was held on the Rough Trading Floor of the Israel Diamond Exchange (IDE) from May 22 to 26, 2016.

Shai Schnitzer, Chairman of the 3rd International Rough Diamond Week, said that one of the most important accomplishments of this event was the attendance of representatives from diamond producing companies that have not yet sold rough in Israel. “Israel’s position as a leading rough trading hub has attracted interest in our market. We were able to bring executives from some important mining companies to the event to explore opportunities for cooperation in the future. I believe that what they have seen will convince them to work with us in supplying rough diamonds to Israel,” he said.

Brandon de Bruin, Group Sales and Marketing Executive of Gem Diamonds, which has mines in Lesotho and Botswana, met today with a group of diamond manufacturers at the offices of the Israel Diamond Manufacturers Association (IsDMA), headed by its President Jacob (Koby) Korn, to talk about Gem Diamonds and hear from potential customers. De Bruin said that the company’s flagship Letseng mine in Lesotho produces high value large diamonds which are marketed through eight tenders a year in Antwerp. As a result of his visit, de Bruin said that Gem Diamonds would seriously look into holding viewing for these tenders in Israel as well, which would open up important opportunities for local manufacturers.

Israel Diamond Exchange President Yoram Dvash said that he was very pleased with the event and the reaction of Israeli manufacturers. “The Israeli industry needs a strong manufacturing base and we are doing everything possible to bring that about. Manufacturers need to have a steady supply of the right rough goods at attractive prices. That’s why we invest so much effort in expanding rough supply direct from the source. We will continue to work in this direction to strengthen Israel as a manufacturing center,” he said.