Israel Opens International Rough Diamond Week

The Israel Diamond Exchange's (IDE) second International Rough Diamond Week kicked off on Sunday, April 12. IDE President Shmuel Schnitzer opened the event, with IDE Vice President and Rough Committee Chairman Arnon Yuval and Diamond Controller Shmuel Mordechai also taking part.

IDE Director General Moti Besser was also in attendance and there was a large turnout of IDE members.

Schnitzer said: "I am very happy to see all the large producers here at the Rough Diamond Week. Without a strong manufacturing infrastructure, the Israeli diamond industry will struggle."

"The Rough Diamond Week enables us to bring first-hand rough to Israeli manufacturers, and 90% of the rough goods that are in Israel come straight from mining companies. As I said in the past, we have to do everything to maintain and preserve the industry here and that is why we are holding a Rough Diamond Week twice a year in addition to the polished diamond week events.

Schnitzer also spoke about the steps the bourse is taking to promote the local industry. The Israeli diamond industry is part of the global diamond trade and is affected by it. The IDE's management is doing everything possible to promote the sector.

"In addition to the modern manufacturing center that we established this year, there will be another manufacturing facility in the future for larger diamonds that will be located near the Harry Oppenheimer Museum.

"we have started working on the allocation rough sights for younger manufacturers but we were forced to delay provision of supplies due to the state of the market. I thank all the rough producers taking part in this event."

Arnon Yuval, IDE Deputy President and Chairman of the Rough Committee, said: “I am happy to open this second Rough Diamond Week. We worked extremely hard to bring the right sort of goods to Israel and the largest amount of goods that we have ever seen here in six tenders. We have set up 40 fully-equipped rooms, for inspecting the stones. We have the opportunity to buy at prices that are in line with the market and to see many different kinds of goods.

"I believe that the Rough Diamond Week will give the bourse a boost and bring about a revival in the Israeli diamond sector.”

He thanked Diamond Controller Shmuel Mordechai for his assistance in the smooth delivery of the goods, and IDE Managing Director Moti Besser and his staff for the three-month long preparations for the event. Diamond Controller Shmuel Mordechai added his congratulations on the event.

Five companies – Alrosa, De Beers Auction Sales, Rio Tinto Diamonds, Fussion Alternatives and Tzoffey's 1818 – will be holding tenders and auctions throughout this week.

Tzoffey's 1818, the Israeli-French auction house, will feature a series of single, special, stones, some of which are valued at prices up to $1 million, with the standout item being a stone weighing almost 90 carats. In total, 350 companies from Israel and abroad are participating in the different tenders.

Tzoffey's 1818, the Israeli-French auction house, is holding two separate tenders of rough diamonds – one consisting of a run-of-mine production from Africa and the second comprising rough goods sourced in the open markets of Antwerp, Ramat Gan and Dubai. Mining giant Alrosa holds its tender in the offices of Arcos Diamonds Ltd.