IDE AGM - Concerns Over Diamdel
June 19, 07
During the Israel Diamond Exchange general meeting held Tuesday, concerns about future supplies of rough diamonds to Israel were expressed as members of the IDE demanded that Diamdel Israel keep operating.
Former IDE president Itzhak Forem demanded that Diamdel will kept open, to which the crowd responded enthusiastically. When current IDE president Avi Paz addressed the point during his speech, he promised the issue is of great importance and will not be neglected.
De Beers announced a major restructuring plan for Diamdel, which will include the down scaling of the Israeli branch, though not a complete closure as Forem implied.
Diamdel’s rough diamond supply to the secondary market is expected to decrease considerably from the $500 million annual supply of the past few years.
Other issues raised at the AGM were plans to offer a pension plan for IDE members, the negotiations over the land over which the new exchange building is planned to be constructed, and Wednesday’s elections for the IDE’s board and committees.