Thousands of diamontaires from Israel and abroad celebrated the Israel Diamond Exchange’s (IDE’s) 70th anniversary, with the weakened worldwide economy threatening to overshadow the festivities.
Avi Paz, president of IDE and the World Federation of Diamond Bourses (WFDB), encouraged calm during the turbulence.
“At this time we must maintain our optimism,” Paz said. “What we achieved over the past 70 years did not come easily. Our industry has gone through difficult times, as well as periods of huge success and prosperity. At this time, it is especially important to act with determination, optimism, and cool-headedness.”
The evening celebrated the IDE’s role in the development of the world diamond industry, and its contribution to the development of the State of Israel.
Paz called on Israel’s Minister of Industry, Trade, and Labor Eli Yishai to ensure the government’s emergency economic plan offered solutions for diamantaires harmed by the world economic crisis.
Other highlights included the bestowal of honorary membership in the IDE to Diamond Trading Company (DTC) managing director Varda Shine, the only woman in the exchange’s history to receive the award. Shine reiterated De Beers’ commitment to reducing the supply of rough diamonds in an effort to stabilize the industry.
“The future of the diamond looks excellent, largely because there are no new mines in the world and the diamond is becoming rarer and rarer,” she said. “At the same time, research is showing that during 2011, a growth in demand for diamonds is expected in countries with a developing middle class.”
