Israel's Leaders Call for Reduced Rough Supply

Tel Aviv: Major rough diamond producers should reduce rough sales to help bring stability to the diamond pipeline, according to industry leaders in Israel, cited by Rapaport News portal. Shmuel Schnitzer, the president of the Israel Diamond Exchange (IDE), and Jacob Korn, the president of the Israel Diamond Manufacturers Association (IsDMA) expressed their support for restoring profitability to the diamond industry’s midstream by indirectly reducing supplies.

“Reducing rough diamond prices is not the solution to the lack of profitability in the industry’s midstream because it will hurt market confidence,” said Schnitzer. “In the short term, we need less rough from producers so that the market can correct itself.”

The 2015 Presidents Meeting in Tel Aviv came to an end on Tuesday, with World Federation of Diamond Bourses (WFDB) President Ernie Blom saying it had provided the opportunity for three days of intensive discussions on the main issues affecting the diamond trade globally.

During the presidents meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) in Tel Aviv, leaders discussed issues of pressing importance across the diamond pipeline.

The joint working session of the WFDB and IDMA was addressed by Philippe Mellier, CEO of De Beers, and recently appointed Alrosa President Andrey Zharkov. The two men gave their perspectives on the current condition of the diamond markets.