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Steady Activity Lifts Mood at Israel Diamond Week

Feb 15, 2017 4:29 AM   By Rapaport News
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Sentiment improved at the Israel Diamond Exchange (IDE) on Wednesday as dealers started the third day of trading during the bourse’s International Diamond Week.

“The show has been surprisingly good for us,” said Eran Keler, a partner at Yes Diamonds. “For many reasons, the market has been quiet in the past few months, but these events create a positive atmosphere, and we feel that things are picking up.”

Exhibitors noted steady visitor traffic during the first two days, with buyers from all over the world attending.

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.”

Dealers had a lot of fancy color diamonds and fancy shapes on display, as well as goods larger than 1 carat, as Israeli dealers have shifted to niche products that improve their margins.

One Toronto-based color-stone dealer visiting Israel for the first time said he was looking for goods, but more importantly, the show was giving him a chance to understand the Israeli market and meet potential suppliers.

While business wasn’t booming, there was good activity, which raised the mood in the bourse ahead of the Hong Kong international Jewellery Show, said one exhibitor, who asked to remain unnamed.

Expectations are rising for the Hong Kong show, which begins on February 28, as many view the event as a barometer for how the market will develop in the first half of the year.

IDE president Yoram Dvash said Israel’s industry was focused on setting the right conditions for a successful year, particularly by improving its marketing and sales platform, securing rough supply, encouraging manufacturing, advancing its technological capabilities, and smoothing the regulatory environment.

On Tuesday, the IDE opened its new tender facility in the bourse, and earlier in February launched its new manufacturing service center, with technology including a Synova laser machine.

Also on Tuesday, the young generation forums of the IDE and the Hong Kong Jewelry Manufacturers’ Association signed a memorandum of understanding for cooperation and business promotion.

Wednesday is the last day of International Diamond Week.
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Tags: IDE, International Diamond Week in Israel, Israel, Israel Diamond Exchange, Rapaport News
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