As part of a long tradition and to thank the members of the arbitration team for their hard work, we held a special tribute to them today at the Leonardo City Tower Hotel - during which we also saluted the retiring arbitrators.
This internal legal system, which resolves dozens of legal disputes between diamantaires, rests on strong foundations - thanks to our excellent arbitrators, whose job it is to decide on a variety of challenging legal issues.
I would like to point out that the work of the arbitrators is done on a purely voluntary basis, and that they devote to it days and nights at the expense of their private time, along with dealing with many the challenges and endless uncertainties. The Arbitration system of the Israel Diamond Exchange is the cornerstone of the existence of the Exchange, and it is no secret that over the years the legal decisions made by the arbitration have received backing and support from the courts in Israel.
I can say unquestionably that that the arbitration institution of the Israeli diamond industry is a highly respected institution with an excellent reputation among the world's diamond exchanges.
Many thanks to the Chairman of the Legal Committee Philippe Frey who initiated the event, to the Legal Department and to all those who contributed to the success of this important day, which was designed to express the appreciation and gratitude we have for you, the arbitrators.
During the event, the retiring arbitrators received a Certificate of Honor in recognition of their many years of public activity and in appreciation of their personal contribution as arbitrators to the bourse members. Among the retiring arbitrators: Nadav Zeidis, Yonatan Werner, Haim Schwarzbord, Roni Stedler, Arik Bauchman, Mordechai Pinto, Benjamin Sheinfeld, Marcel Applebaum, Michael Salton, and Zvi Priel.