IDE Organizes International Rough Diamond Week

The Israel Diamond Exchange (IDE) plans to hold its first International Rough Diamond Week (IRDW) from March 9 to 13, 2014. A diverse series of rough diamond tenders will be held during the five-day event. Among the companies that will stage rough diamond tenders are ALROSA, De Beers, Rio Tinto Diamonds, I Hennig/ Fusion Alternatives and Tzoffey's.

IDE's deputy president, Arnon Juwal, who heads the IRDW organizing committee, said that for the Israeli diamond center to go forward, more rough diamond trading and sourcing is needed. "If we are to boost the manufacturing of polished goods in Israel, we need to increase the flow of rough to our industry. By creating recurring anchor events for rough diamond tenders, as well as auctions, we are placing these efforts high and visibly on our industry's agenda."

Juwal said he was encouraged by the response from rough diamond producers, traders and diamond manufacturers in participating in the event.  "The rough diamond supply channels are going through significant changes, with rough being produced and traded by a significantly larger number of players than ever before. Spearheaded by the IDE's efforts, Israel's diamond industry strategy is to build long-term, value adding alliances with these players."

IDE's president, Shmuel Schnitzer, said the IDE intends to hold an International Rough Diamond Week several times throughout the calendar year. "This is a long-term initiative that will strengthen and boost Israel's position as the world's most versatile and dynamic diamond trading hub. Rough diamond trading is an essential component of our industry's vitality. We have the resources, infrastructure and a highly motivated, closely knit diamond business community. Therefore, I am confident of this venture's success."