The Israel Diamond Exchange (IDE) held a special general meeting of the organization to allow members to vote on changes to the IDE's by-laws.
President Dvash opened the meeting, and referred to the changes in regulations. "As you know, changes always come with a degree of discomfort. Adapting to a new situation is always complex and difficult for us even when the transformation is welcome and needed. This is true on a personal and institutional level. The IDE must undergo change because the world diamond industry is changing is still going through change. The world around us has changed and the reality of political and economic life has changed, and we need to adapt in order to continue to prosper and lead."
Dvash spoke about the great deal of work that led to the proposed changes to the bourse's regulations and the openness and willingness to listen by the exchange's administration. "The changes to the by-laws that we are discussing came about due to the ongoing discourse between management, the diamond companies and exchange members. They are based primarily on things that you have raised in many conversations taking place here in the hallways of the bourse. I again urge everyone to make comments, propose ideas, and make suggestions. As you can see — we are applying them.
Dvash further noted that he decided to make the changes in the regulations at the special general meeting that was given over entirely to the issues, and not within the framework of the last General Assembly, to avoid creating a large workload and agenda for the participants. At the end of his opening comments, Dvash thanked IDE Legal Committee Eyal Prochter, IDE attorney Samuel Eini and all members of the Legal Committee and the IDE's Legal Department which "held many discussions and worked very hard to bring us to the current AGM with solid changes to regulations which are ready to be voted on."
IDI Chairman Shmuel Schnitzer greeted the participants and said that, "After briefly reviewing the proposed changes, they reflect the spirit of the management and the President not to shy away from going forward and making changes to structures that existed in the past. I take my hat off to Eyal Prochter, Chairman of the Legal Committee, since it is difficult to create such changes and implement them. Thank you all and good luck."
IsDMA President Traub, Kobi Korn said: "The changes that appear in front of you took a long time and the changes proposed are in the spirit of the time. All changes were widely discussed and reviewed by those dealing with the issues, especially the central ones. I recommend accepting the changes because they are necessary for these times."
Israel Precious Stones and Diamond Exchange President Shlomo Eshed passed on his best wishes for the proposed changes.
Chairman of the Legal Committee, Eyal Prochter, who presented the changes during the AGM, said: "I am pleased to present the changes in regulations, as presented to the Board Committee that introduces it to you now. The policy is not to hesitate to bring changes, even if they are far-reaching, and we held a wide range of discussions on these topics."
Prochter spoke about the key proposed changes to the regulations of the exchange, the arbitration institution, noting that, "It is well known that when parties come to arbitration, this is a complex situation that makes it difficult for all parties to it. We today propose changes that will allow the parties to choose their arbitrators and also a proposal to appoint a retired judge as a regular arbitrator in order to strengthen the arbitration institution. At the end of his comments, Prochter thanked President Dvash, IDE CEO Eli Avidar, and members of the Legal Committee, and wished success to the IDE's new counsel, Daphna Sander.
Prochter then read out the clauses that have been changed that deal with a wide variety of subjects, including workdays, computerized balloting cards, the entrance of visitors to the IDE buildings, debt arrangements, appointing arbitrators, the appointment of a district judge as arbitrator, extending the term of the IDE President and officers to three years starting from the next term, similar to the system at the Israel Diamond Institute, and other issues. The members who took part in the special general meeting approved the new bylaws and they entered into force.
