Business Booms at U.S./International Diamond Week

While billed as an international diamond week, a lot of business was being conducted between Israeli buyers and sellers, which had the desired outcome of increasing trade – albeit maybe not exactly in the way the organizers had hoped.

Israeli trader Joseph Frei of Joseph Frei Ltd. said it was a very positive show, with what he called “a wonderful atmosphere.” While business in the room was good, he said he had had more success handing his goods over to his usual brokers who were able to generate more interest for them than they were receiving on the exchange floor.

Alain Spira of New York-based A.S. Diamonds compared the event to the recent Diamond Dealers Club of New York trip to Dubai, which he said was much less active. “It’s very different here. There is positive energy. There aren’t that many outside buyers, but it doesn’t matter. We came to deal with the Israelis.”

Isaac Zwiebel of New York-based Moshe Zwiebel Diamond Corp. said that while business had been just “so-so,” the mood was extremely positive. “People came looking for cheaper goods, and we have clean goods, which are moving much slower. I expected to sell more.”

Koby Twena, a jewelry distributor based in Toronto, Canada, said that while he can normally get the type of goods he wants; it was good to come to the exchange and to see everyone he deals with at the same time. “It’s created a real market. Everyone has an urge to be here.”

Despite the desire to do business, Twena said that people were still struggling with prices. “It’s always painful here. They are over asking for the higher-carat items and people are holding onto the goods in anticipation of even higher prices to come.”

Nilesh Shah of New York-based Nice Diamonds said he came to Israel with no expectations. He used to visit Israel for business, but had last visited the country in 1998 owing to security concerns. Although he does the majority of his buying in New York or Mumbai, Shah says he intends to come back to Israel in a few months. “I can buy goods from Israelis who come to New York,” he said, “but coming here is good. I’ve bought goods I didn’t expect to buy, at good prices. I think that people want to get rid of stock before the holiday next week.”

Israel Diamond Exchange president Yair Sahar told IDEX Online he was extremely pleased with the way the week had unfolded. “Everyone bought; everyone sold. Some manufacturers told me that they had sold goods that they had been holding onto for years.”

Looking to the future, Sahar said that from planning to make it an annual event, the next U.S./International week will be held within the next six months, possibly in either the last week of August or at the beginning of September.