Shmuel Schnitzer, a honorary president of the Israel Diamond Exchange (IDE) and of the World Federation of Diamond Bourses (WFDB), has begun serving another term as IDE president, following elections of the IDE board of directors and the bourse's committees that were held earlier this month. Schnitzer, who ran against incumbent IDE president Yair Sahar, won 58 percent of the votes, while Sahar garnered 42 percent.
Shmuel Schnitzer served as IDE president from 1998-2005 and as WFDB president between the years 2002 and 2006. He currently serves as vice president of the World Diamond Council, serves on the board of the Israel Diamond Manufacturers Association (IsDMA), is chairman of the IsDMA's finance committee, and has held a seat on the Advisory Board of the Shanghai Diamond Exchange (SDE) since the SDE's inception.
Following the elections outcome, during the first meeting of the incoming IDE board, outgoing president Yair Sahar raised a glass, congratulated Shmuel Schnitzer heartedly upon his election as the bourse's new leader and wished him Godspeed and best of luck in taking the IDE successfully forward.
Schnitzer is the owner and CEO of S. Schnitzer Diamonds. He is a trained lawyer who joined the diamond business in 1972. Schnitzer is married to Sharona and has three children. His son Shai works closely with him in the family business.