The fourth International Diamond Week took place February 8 to 12 in the Trading Hall of the Israel Diamond Exchange (IDE). Organized by the IDE in cooperation with the Diamond Dealers Club of New York (DDC) and the Antwerp Diamond Bourse (Beurs voor Diamanthandel), International Diamond Week has already built a strong global reputation following three very successful events which have attractive buyers from around the world, making it a must for serious businesses, traders, and manufacturers in the diamond industry.
The event features over 300 Israeli exhibitors, over 100 American diamond dealers, 400 buyers from 24 countries around the world as well as many bourse members. Members of the DDC and the Antwerp Diamond Bourse took part in additional to delegations from the US, Turkey, and Russia. Among the guests of honor were Ernie Blom, President of the World Federation of Diamond Bourses (WFDB), and Dan Shapiro, American Ambassador to Israel.
Among the many Israeli exhibitors was Moti Israeli Diamonds, a diamond wholesaler and manufacturer offering GIA certified diamonds at wholesale prices.
The Importance of International Diamond Week
Diamond manufacturers go to exhibitions around the world with their merchandise in order to find new customers. Doing this, however, incurs very large expenses and is not always profitable. International Diamond Week is an initiative that started with the aim of strengthening the diamond industry while supporting diamond manufacturers and traders by helping them significantly reduce expenses. The event is held at the Trading Hall of the IDE, the largest diamond bourse in the world with over 3500 members and is completely funded and promoted by the IDE and various sponsors such as insurance companies, shipping companies, and other related service providers.
In the past year, weak demand and thin profit margins has significantly influenced the global market for polished diamonds. Two of the three largest markets in the world, China, and India, have shown a decline in demand, leaving only the United States with a steady demand since Q4 of 2014.
Speakers at the opening ceremony of International Diamond Week stressed numerous times the importance of bringing profitability back to the diamond trade.
Ambassador Dan Shapiro praised the Israeli industry, stating that it played a pioneering role in the diamond trade and adding that “the global economic crisis has affected all industries in most countries around the world, but we are pulling through. This year should be a comeback year for the global economy and for the diamond industry.”
Highlights of International Diamond Week
The second day, February 9, featured a special exhibition called “DiamTech”, showcasing the latest advancements in diamond-related technologies. The exhibition featured an announcement by IDE president Shmuel Schnitzer, and Professor Eduard Yakubov, President of the Holon Institute of Technology (HIT) that the IDE and HIT will cooperate on a number of projects.
On the fourth day, Wednesday February 11, Leibish Polnauer of Leibish & Co. lectured on the world of colored diamonds in the Cullinan restaurant in the diamond exchange. Leibish discussed the increased popularity and market prices of colored diamonds, the advantages of trading in them, and the benefits of online diamond trading.
Another highlight of the week included the signing of a Memorandum of Understanding (MoU) between the IDE and Alrosa, a Russian diamond company. The MoU is aimed at developing the diamond industry in both countries and promoting diamond businesses in international markets.
The fifth International Diamond Week is expected to take place in August 2015.