In Moscow, IDE and ALROSA Agree to Strengthen Cooperation

By Albert Robinson, WFDB Media and Communications

Israel Diamond Exchange (IDE) President Yoram Dvash led a delegation of the heads of 28 leading Israeli diamond companies to Moscow last week to meet with senior ALROSA officials. Accompanying the delegation was Israel Diamond Institute Chairman Boaz Moldawsky and Israel Diamond Controller Danny Tal.

According to Dvash the purpose of the visit was to strengthen business ties and cooperation with the mining giant, with the aim of increasing the quantity of rough goods entering Israel.

The highlight of the visit was a meeting with ALROSA CEO Sergey Ivanov at the company’s headquarters. Dvash introduced the members of the delegation and presented their desire to buy more rough diamonds from the Russian miner.

He said that with the drop in sales of rough diamonds, it is significant that a large group of serious Israeli diamantaires want to buy rough from ALROSA. "This is a brave and important statement, which shows the strength of the Israeli diamantaire, who has a great deal of knowledge and experience, has a strong financial base and wants to buy rough from you, especially during a difficult period. As President and a businessman, I see this as an opportunity, not as a crisis, and we believe in cooperation with you,” Dvash said.

Referring to his recent visit to the Israel Diamond Exchange, ALROSA CEO Ivanov emphasized its advanced level of development as well as its vibrant and diverse character. He praised the IDE’s multifaceted approach to business development aimed at promoting not only traditional models, but also various start-ups and technologies within the Diamond Tech Innovation Center. Ivanov concluded by saying that ALROSA is interested in strengthening cooperation with the Israeli bourse.

At the meeting Israel Diamond Controller Danny Tal told ALROSA officials that the industry enjoys steady cooperation with the government. One of the most important steps taken by the Israeli industry, he said, is the integration of regulatory processes which has made it more transparent, and this is a firm basis on which to build increased international trade.

The manager of Union Bank’s diamond exchange branch, an important lender to the diamond industry, said that the industry has undergone important changes and she hopes to increase business activity in this sector. Dvash cited the excellent trade relations between the leaders of the State of Israel and Russia, Benjamin Netanyahu and Vladimir Putin, as an important basis for increased cooperation in the diamond industry.

After the discussion, the delegation conducted a tour of ALROSA's operations and learned about the company’s supply chain.

The visit was coordinated with the assistance of the Israeli Embassy in Moscow and the Ministry of Economy. Israeli Ambassador Gary Koren and Economic Attache Yakir Davidson joined the Moscow meetings.