IDE Offers Rough Allocation to Young Diamantaires
June 02, 16
(IDEX Online News) – The Israel Diamond Exchange (IDE) and Panford (Israel) Ltd. announced they have launched an initiative to offer a special allocation of rough diamonds for young Israeli manufacturers.
Current IDE president Yoram Dvash announced the program, which makes small parcels of De Beers rough available from first hand and at fair prices in September 2014, when he was in a previous role as head of the IDE industry committee.
Dvash, IDE deputy president Yehezkel Blum and a group of specially chosen young diamantaires up to the age of 40, received the first allocations at a ceremony at Panford’s offices. Each participant received a parcel of around 40 diamonds with an average weight of 3.27 carats. The total lot consisted of two commercial boxes from De Beers mines, and was valued at $2.25 million. One of the conditions of the initiative is that all the diamonds must be manufactured in Israel.
“…we are realizing an initiative which we have dreamed about for a long time – the sale of rough diamonds at convenient prices to young manufacturers, in parcels that they can finance,” said Dvash. “We came to an agreement with Panford to allocate suitable rough at good prices but we needed to wait to begin the program until rough prices stabilized.”