Bourse to expel members proven guilty of selling undisclosed synthetics
Ramat Gan, Israel - December 5, 2013: Shmuel Schnitzer, president of the Israel Diamond Exchange (IDE), announced his exchange has begun an awareness campaign to ensure that the 3,500 members of the world's largest diamond bourse are fully informed of the far-reaching implications of trading -- knowingly or unknowingly -- in synthetic diamonds.
"Our industry is built on transparency, integrity and accountability," he said. "Therefore, those few unscrupulous foreign dealers who have been mixing synthetic diamonds into parcels of naturals and sold them as natural diamonds are causing tremendous damage to the reputation of our entire industry! The IDE board and I will do all we can to protect our members from falling victim to these unethical practices, but at the same time will not hesitate to expel those members who have been proven guilty of not disclosing synthetic diamonds that they have sold," Schnitzer stated.
IDE board member Yoram Dvash, who heads the IDE Industry Committee, said that while undisclosed synthetic diamonds had not yet been encountered in the Israeli trade, the issue is of major concern. "As one of the world's leading diamond manufacturing and trading hubs, polished diamonds from all manufacturing diamond centers are traded here. Therefore, we are very much exposed to these challenges and our members must know what they're up against," Dvash said.
Dvash noted that IDE's awareness campaign, coordinated by the IDE Industry Committee, will start on December 8, with a first lecture on synthetic diamonds by industry analyst Chaim Even Zohar, who will discuss the economic, ethical and legal aspects of trading in synthetic diamonds. "This is the first step," Schnitzer said. "We will follow up with hands-on and more technical information sessions soon."