IDE Hails Success of International Rough Diamond Week

IDE Hails Success of International Rough Diamond Week

The second International Rough Diamond Week (IRDW), held at the Israel Diamond Exchange (IDE) from April 12 to 16, has been a great success, the IDE said in a statement. 

All five participating companies – leading diamond producers and rough suppliers – reported that their tenders and auctions have been oversubscribed, with waiting lists longer than expected.

IDE President Shmuel Schnitzer, pictured above, told a celebratory gathering at the bourse on Tuesday that he was pleased to make unprecedented quantities of rough diamonds available to Israeli diamond manufacturers.

"With all due respect to our industry, without a significant supply of rough, we won't make progress. Therefore, we have invited the leading rough suppliers, miners and companies that specialize in tenders and auctions, to come to Israel, to offer Israeli companies direct access to a huge selection of rough goods. The response of the market has been fantastic and we are already planning for a next edition of the International Rough Diamond Week," Schnitzer stated.

He also thanked the rough diamond producers for taking part in the event.
Arnon Juwal, the vice president of the IDE and chairman of the organizing committee of the International Rough Diamond Week, also expressed his satisfaction with the event's outcome.

"All participating companies reported that their tenders and auctions have been oversubscribed and that the viewing booths were busy from the early morning to the late afternoon. In Israel, we can successfully manufacture some 50 percent of the polished goods we sell. We manufacture larger diamonds in Israel, especially of two carats and up and the Israeli market holds a leading position in these categories," he said.

Juwal, pictured below, added that the quantities that are offered for sale during the event were the largest ever offered at a single location.

"This event also helps smaller manufacturers who do not have the financial means to travel abroad to buy rough. By bringing goods here, we save them precious time, as well as other expenses such as flights, hotels. And by bringing the goods to the rough diamond trading hall of the bourse, we are giving the businesses of small, medium and large manufacturers alike - all members of our bourse - a major boost," he said.

The companies offering rough goods by tender and auction during the second International Rough Diamond Week are ALROSA, De Beers Auction Sales, Fusion Alternatives, Rio Tinto Diamonds and Tzoffey's 1818.

Israel Diamond Institute Chairman Moti Ganz said there had been great interest in the event among local diamond companies, adding that 40 foreign buyers also took part.