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RAPAPORT...
Israel's U.S. and International Diamond Week at the Israel Diamond Exchange (IDE) came to an end today with more than 200 foreign buyers in attendance. Dealers and buyers alike offered mixed feedback on the event, noting that it was a valuable platform for strengthening inter-bourse business and relationships, whereas outside buyers were more reserved and unwilling to pay premium prices. Nonetheless, the consensus was that the event did empower enough business that traders looked forward to future cooperative meeti ngs.
"It's something we should do on a regular basis. We should also try group together to do other things that work," said Reuven Kaufman, co-host of the event and the president of the New York Diamond Dealers Club. IDE's president and primary host, Yair Sahar, added, "This is amazing, beyond our imagination. We have never seen anything like this before." He noted that the IDE intends to collaborate with other bourses to create similar events for other countries. As far as buying activity, sales were made for fancy cuts and large diamonds with one dealer selling a 20 carat stone in addition to four other large stones. Pink and blue stones under 3 carats were in good demand with one dealer noting shortages for better-quality pinks in particular. Some dealers also stressed that high rough prices dampened trading activity this week, while others expresses satisfaction with the amount of diamonds they were able to sell. One buyer from the U.S. trade purchased a 7 carat cushion-cut diamond for what he said was a very good price.
The final day of the event concluded with an auction of diamonds and jewelry by Tzoffey's 1818. The top lot of the sale was a 1.27-carat, fancy intense purple-pink cushion cut diamond that fetched $242,000 or $190,551 per carat. Reporting by Deena Taylor
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