Legal Committee

Legal Committee

Duty monitors - The management of the diamond exchange appoints two shifts of duty monitors from among its members, once every two weeks, The role of the duty monitors is to maintain proper order, practice and behavior in the diamond exchange halls and buildings, as well as to rule on issues in which there is a dispute regarding the conduct and interaction between members. The monitors are authorized, among other things, to order the imposition of a fine and / or the removal of a member from the trading hall.

Committee Chair: Eyal Fruchter

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The Legal Committee deals with the provision of ongoing legal advice to the institutions of the Diamond Exchange. In this context, the Legal Committee is also involved in updating and changing the regulations of the Diamond Exchange in accordance with the current needs and the policy of the management of the Diamond Exchange.

The committee discusses legal questions that are not explicitly addressed in the bylaws, and forwards its recommendations to the Board of Directors.

The Legal Committee is also responsible for legal and disciplinary proceedings in the Diamond Exchange and within this framework is responsible for arbitration and duty monitors.

Arbitration - One of the most significant institutions of the Diamond Exchange is the system of arbitration, whose rulings have been upheld in the Israeli legal system. The arbitration system is a professional institution that serves as a substitute for lengthy litigation in commercial disputes between diamond dealers in matters concerning diamonds, with the arbitrators in these disputes being diamond dealers, members of the Diamond Exchange.