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Israel
By Avi Krawitz
Dealers received a long-awaited boost in February as activity spiked during International Diamond Week, which took place in the Ramat Gan bourse. The rebranded trading event, with its new look, helped lift the mood among dealers who’ve endured a prolonged period of slow activity. Approximately 400 buyers from 30 countries participated in the three-day event, including delegations from Hong Kong, China, the U.S., Italy and Turkey, reported Yoram Dvash, president of the Israel Diamond Exchange (IDE). “The market in Israel was quiet for many reasons but we feel activity is now starting to pick up,” said Eran Keler, a partner at Yes Diamonds, which specializes in fancy color diamonds. “It’s been a surprisingly good show for us with people here from all over the world.”
Dvash saw Diamond Week as an extension of IDE’s program to create the right conditions for a successful year. The exchange is focused on improving its marketing and sales platform, securing rough supply, encouraging manufacturing, advancing its technological capabilities and smoothing the regulatory environment, he said. The IDE executive committee is aiming to transform Israel into a center for diamond tenders and auctions having opened the International Tender Center in the bourse during Diamond Week. Six companies have signed up so far to hold rough and polished tenders there, while the exchange is in negotiations to bring others on board. As part of its strategic plan, IDE launched its new service center featuring a Synova laser machine, while Dvash said a new factory for outsourcing manufacturing is being planned for the coming year. ALROSA CEO Andrey Zharkov acknowledged Israel as one of three main markets for manufacturing high-quality, large rough diamonds. The mining company consequently held a large stone auction of rough and polished during Diamond Week and has agreed to host future auctions at the new IDE tender facility.
Dealers also recognized Israel’s strength in niche products as large stones, fancy color diamonds and fancy shapes featured strongly during the week. Some saw the event, and the Israeli market in general, as presenting an opportunity to source something different for their clients. Michal Amram, founder of S.T. Amram, a London-based private jeweler, said she was looking for unique stones that might suit her bespoke pieces. “Consumers are looking to express their individuality, so I’m always looking for special and rare diamonds for my clients,” she explained. “There have been some interesting pieces at the show.” A delegation of younger generation jewelry manufacturers from Hong Kong had similar intentions, signing a memorandum of understanding (MoU) with Israel’s young diamantaires to foster cooperation and bring new ideas to adapt to the changing market environment. “Hong Kong jewelry is a traditional industry renowned for its craftsmanship, high quality and design,” said Adam Lam, chairman of the Hong Kong Jewelry Manufacturers’ Association (HKJMA). “As ebusiness, product definition and tailor-made jewelry are becoming more and more popular, the young generation can bring creativity to further development in these areas.”
One Toronto-based color-diamond dealer visiting Israel for the first time said he was looking for goods, but more importantly, the show gave him a chance to understand the Israeli market and meet potential suppliers. For that reason, Keler expects the model of trade shows will grow in relevance even as some complained of show fatigue with too many fairs to choose from. For Keler, the shows have especially maintained relevance for those trading in specialty items like fancy colors, fancy shapes and large diamonds. “The shows are less relevant for mass-produced, white round diamonds because you can view those goods online,” he explained. “But to find something exceptional and unique, you need to be around at the shows.” Dealers were hoping the improved sentiment continues and will influence positive trading at the Hong Kong International Jewellery Show, which began after press time, with a large delegation participating in the Israel pavilion. For most, they were simply happy to be trading again after a few months of slow activity. “We are here to do what we love — to buy and sell diamonds,” Dvash stressed. “That’s what we hope to do during Diamond Week.”Article from the Rapaport Magazine - March 2017. To subscribe click here.
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