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Dvash Calls on Industry to ‘Think Outside The Box’ at Int’l Diamond Week in Israel
Feb 17, 2016 3:07 AM
By Rapaport News
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RAPAPORT... The sixth
edition of the International Diamond Week launched at the Israel Diamond
Exchange (IDE) in Ramat Gan February 15, with new bourse president Yoram
Dvash signing a pact with a Turkish jewelry body to increase cooperation
between the respective industries.
Dvash and Norayr
Isler, chairman of the Istanbul Chamber of Jewelry, signed a memorandum of understanding
February 15.
“We clearly share the desire to strengthen
the relationship between the parties and increase commercial transactions
between our mutual members," Dvash said. "We therefore have agreed to
cooperate on mutual activities, encourage our members to participate in the
partners' respective industry shows and too meet regularly to discuss mutual
business opportunities, with an aim to reinforce the commercial relationship
and to facilitate trade between both countries' industries.
Dvash opened the winter edition of the International Diamond Week amid
leading industry figures, including former IDE president Shmuel Schnitzer,
Gaetano Cavalieri, president of CIBJO - The World Jewellery Confederation, and
renowned British designer Stephen Webster. Webster received the Israel Diamond
Exchange Appreciation Award for his contribution to the jewelry industry.
“Every opportunity to witness a packed rough trading hall in
the Israel Diamond Exchange is most welcome," Dvash said. “We are all in
the same boat. I call on everyone to think outside the box. This is what we do
in the Israel Diamond Exchange and this is what we must all do in our private
diamond businesses.”
The Israel diamond trade took
a hit in 2015 as exports of polished gems from the country slumped 20
percent and polished exports to the U.S., Israel’s biggest trading partner,
diving 16 percent.
The opening day also saw the launch
of the Israel Diamond Jewelry Association (IDJ), which is aimed at “winning the
heart of the consumer,” according to a statement February 16. A special
exhibition showcasing diamond jewelry produced by companies within the Israel
Diamond Exchange was on display on the trading floor.
Dvash,
Cavalieri and Schnitzer, chairman of the Israel Diamond Institute and honorary
president of the IDE, signed a statement of purpose for the IDJ that cited the
significance of the diamond jewelry field as an integral part of the Israeli diamond
industry and acknowledged the role of jewelers expanding the consumer market
for diamonds.
Global
consumer demand for diamond jewelry is expected to have declined marginally in
U.S. dollar terms in 2015 amid economic slowdown in China, according to De
Beers preliminary results report February 16. Still, demand for diamond jewelry
by Chinese consumers was stable but demand in India contracted in local
currency terms.
Dvash said the initiative "reflects
our recognition of the need to shorten the distance between diamond dealers and
diamond jewelry manufacturers. We have to find the optimum way to get us closer
to the end consumer.”
Schnitzer, who is also an honorary
president of the IDE, speaking to Rapaport News, noted the large turnout from
several countries – including the U.S., India and Turkey – and said many had
come for the first time.
Webster, who has designed
jewelry for Madonna, also took part in a panel discussing diamond marketing
alongside Jean-Marc Lieberherr, chief executive officer of the Diamond
Producers Association Alex Popov, chairman of the World Diamond Mark Foundation,
and Patricia Syvrud, executive director of the World Diamond Council.
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Tags:
IDE, International Diamond Week in Israel, Israel, Israel Diamond Exchange, Jewelry, Rapaport News, Stephen Webster, Turkey, Yoram Dvash
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