Japan Auction House Launches Branch at IDE

Ramat Gan: Israel Diamond Exchange (IDE) President Yoram Dvash met yesterday with Anup Agarwal, President of Japan Auction House (JAH) to mark the opening of a branch of the company in the Israeli bourse.

JAH, part of Indian-based Rich Diamonds, buys pre-owned polished diamonds in Japan from the local market for sale in auctions, currently in Japan and Hong Kong. With the opening of the office in Israel, JAH will also hold monthly auctions in Israel, in the International Tender Center that is now being established in the Israeli exchange. In addition to offices in India, Japan and Hong Kong, JAH has branches in Shanghai, Bangkok, New York and Los Angeles. The branch in Israel is being managed by Barak Lechter, who was also present at the meeting.

IDE President Yoram Dvash said during a reception in honor of Mr. Agarwal that he was happy to welcome JAH to the Israel Diamond Exchange. “I think that this is the perfect place to hold auctions. We look forward to working with you and hope to see you every month. You will see that Israeli diamantaires are very good customers for your auctions,” he said.

JAH President Agarwal said, “The idea behind the opening of JAH offices in Israel is to build a framework for business cooperation over the long term. We will bring to Israel a new thing from Japan. The prices are definitely cheaper over there. We’re sure that this will be a win-win situation for all of us.”  Agarwal said that he has noticed that many Israeli companies come to Japan to buy polished diamonds. Opening in Israel will make it much more convenient for these companies. He added that he decided to personally launch the office in Israel to promote the partnership.