Israel Diamond Sector Bodies Discuss Progress Of Manufacturing Center

(IDEX Online) – Representatives of the Industry Committees of the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA) met on Monday together with the Technology Committee of the Israel Diamond Institute (IDI) to advance plans for a modern diamond manufacturing center, the IDI reported.

The manufacturing center, in Ramat Gan, is under construction.

The center aims to create a work environment with the most modern diamond polishing technologies, and to provide bourse members with complete diamond manufacture facilities.

The modern manufacturing center, measuring 400 square meters, will include a new production center, a school for training diamond polishers, advanced technological equipment, a professional working environment, job security, private rooms and more, all at discounted fees for IDE members, the exchange said. The work of the IDI's Technology Institute will be integrated into the new center.

Israel Diamond Exchange Industry Committee Chairman Yoram Dvash, who is leading the project, said, "Until now we have managed to get all of the significant players in the industry to be involved in the center in one way or another. OGI and Sarine donated the advanced machinery, the Yerushalmi Brothers firm donated a year's worth of rental fees, the HRD and GIA donated microscopes, and the Tzvi Yehuda company donated a color machine.

"We came to an agreement with Brinks under which they committed to take upon themselves the costs of shipping in the beginning. We are also in negotiations with the Ramat Gan municipality to reduce our tax burden.

"Out of 100 polishers who expressed interest in participating, the committee chose 12 to 14 working groups according to 10 criteria which were determined in advance. Among these criteria included seniority, ability to produce rough diamonds, dedication to the work, financial stability and others."

IDE accountant Gadi Stein updated the meeting regarding the project's insurance policy, a complex issue that has been the focus of many discussions. Stein said, "It has been decided that besides the mandatory insurance – and of course the polishing groups will ensure they have their own insurance policies – there will be an umbrella insurance policy, in order to ward off the possibility of the IDE being vulnerable to lawsuits."

IsDMA Managing Director Ofer Laufman spoke on the issue of professional retraining, saying, "Professional retraining in the center's planned classrooms will take place in cooperation with the Economy Ministry, out of a desire for the retraining to be recognized by the ministry. It is a complex procedure, but in the end it will help subsidize the students."

Yoram Dvash concluded the meeting, saying that the center is expected to begin operations at the end of October.