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Israel Bourse Slices $3M off Expenses
Mar 29, 2017 5:19 AM
By Rapaport News
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RAPAPORT... The Israel Diamond Exchange (IDE) has reduced membership fees for 200 companies after a cost-cutting program resulted in $2.8 million (ILS 10 million) in annual savings.
The bourse has extended its bursary scheme – which entails a 50% subsidy for companies that cannot afford the full membership sum – so that a total of 400 firms will now receive the discount, IDE president Yoram Dvash said in a letter to diamantaires last week. That represents about 14
percent of the 2,800-strong membership.
The bourse’s current
leadership has worked to drive down central bourse expenses without
compromising on security and quality, according to Dvash (pictured), who took over the
presidency in December 2015. The downturn in the diamond industry requires a
“modest” management style that is both effective and careful with expenses
while easing the burden for bourse members, he explained.
Measures include
technological security alternatives such as automated entrances to the exchange
and its parking lots, and biometric face recognition. Maintenance costs have
fallen 10%, Dvash said, while overall expense reductions have beaten
expectations, enabling the expansion of the bursary program.
“We’ve increased security
and dramatically reduced costs in one go,” he wrote. “We’ve slashed wage
expenses, the number of consultants, maintenance costs and general expenses, and
in total we’ve saved about ILS 10 million per year.”
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Tags:
bourse, financial, IDE, Israel, Israel Diamond Exchange, membership fees, Rapaport News, Yoram Dvash
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