Israel Diamond Exchange Membership Shrinks
August 26, 24
(IDEX Online) - Membership of the Israel Diamond Exchange (IDE) is shrinking for the first time since it was founded in 1937.
The vast complex of four interconnected towers in Ramat Gan has around 3,200 members.
But the number who die or retire now outweighs those joining, according to IDE president Nissim Zuaretz.
"In the good years of the industry, we received 200 new members a year, in the past year only 30," he told the Ynet news website.
He said they'd halved the cost of joining as a result, in an attempt to attract new members.
Israel was suffering because of the war in Gaza and limited flights by foreign airlines, in addition to the global recession, he said, and diamond exports had decreased by 48 per cent, year-on-year in July.
Pic shows the Israel Diamond Exchange.