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Judge to Head Israel Bourse Arbitration Unit
Apr 5, 2017 6:38 AM
By Rapaport News
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RAPAPORT... The Israel Diamond Exchange (IDE) will appoint a judge to decide major disputes between its members, marking a significant break from its 80-year tradition of settling matters within the trade.
 The retired district court judge, who has yet to be appointed, will head the IDE’s Arbitration Institution in lieu of a bourse member, the exchange said Tuesday.
The higher-level arbitration unit will deal with financial disputes between members valued at $400,000 and above, as well as appeals on smaller disagreements. IDE members will continue to deal with initial arbitration between dealers for matters below $400,000.
“This is an unprecedented decision that will increase the status of our Arbitration Institution in Israel and in the diamond world,” said IDE president Yoram Dvash (pictured). “It will contribute to greater transparency and objectivity and will strengthen the independence of the Arbitration Institution.”
He added that he had “no doubt that the civil courts will now attribute even greater authority to decisions of this institution.” |
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Tags:
arbitration, bourse, diamond, diamonds, IDE, Israel Diamond Exchange, Jewelry, Rapaport News, Yoram Dvash
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