‘Historic Moment’ as U.S/International Diamond Week Gets Underway

(IDEX Online News) – U.S/International Diamond Week officially got underway yesterday (Sunday) in what IDE President Yair Sahar described as an “historic moment.”

"This event is putting us on the frontline of the global diamond business,” said Sahar to a packed trading floor. “These are the kind of events that will help take us for forward through the next decade."

Varda Shine, executive vice president, Global Sales, De Beers, who opened the event said she was delighted to witness the opening of what she said she hoped would be a long tradition in Israel.

"With the worldwide situation being volatile, we must find ways to keep going forward,” she said. “The innovation that we see in Israel is not seen in other countries. There is a great deal of initiative here, and that will keep Israel at the forefront of the global diamond trade."

Israel Diamond Institute chairman Moti Ganz said the aim of the event was to help the Israeli diamond sector to grow and flourish. He said it was part of the industry’s efforts to re-invent itself, which is “crucial to expanding our business.”

Also during the opening, Israel Diamond Manufacturers Association president Avraham (Bumi) Traub said that by uniting all the elements of the diamond industry it was possible to create large initiatives to the benefit of all members of the trade. "Nothing can be taken for granted. We all have to work hard to create these events in order to help all bourse members."

Following the opening, Sahar told IDEX Online that events such as the diamond week will give the Israeli industry the tools to compete for decades to come.

During the course of the event, some 150 representatives of diamond companies from 15 countries are expected in Israel where they will have the opportunity to do business with 190 Israeli firms. More than $1 billion worth of diamonds are being offered for sale during the event.

The U.S./International Diamond Week will run until March 20.