IDE and Panford to Select Young Diamantaires to Receive Rough

(IDEX Online News) – The Israel Diamond Exchange (IDE) has held a meeting regarding the allocation of rough diamonds to the younger generation of exchange members.

Some 60 bourse members under the age of 40 were entitled to apply for an allocation of rough diamonds under a scheme created by IDE Industry Committee Chairman Yoram Dvash together with the Panford Ltd. company.

The meeting took place at the Israel Diamond Exchange in the presence of IDE President Shmuel Schnitzer, Panford’s General Manager Dudi Shiama, IDE General Manager Moti Besser, IDI General Manager Eli Avidar, Dvash, members of the IDE board and the industry committee and young diamantaires who had applied for the rough goods.

Schnitzer said the IDE, IDI and the Israel Diamond Manufacturers Association believed it was critical to bring manufacturing back to Israel which is a big diamond center, mentioning the modern manufacturing center that has begun polishing operations and training.

Dvash said the scheme would provide access to rough at market prices, in small packages, a continuous provision of rough stones and 60-day credit.

The rough diamond agreement says the young generation of bourse members, in order to receive an allocation, must be financially secure, and commit to manufacture in Israel and not trade.

The IDE Industry Committee and Panford Ltd. will select the young diamantaires to receive allocations.