Industry mourns passing of diamond pioneer

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Industry mourns passing of diamond pioneer

August 17, 2007

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Ramat Gan, Israel—Moshe Schnitzer, a founding father of the Israeli diamond industry, past chairman of the Israel Diamond Institute (IDI) and honorary president of the Israel Diamond Exchange (IDE) and the World Federation of Diamond Bourses (WFDB), passed away last night. He was 86.

Schnitzer was born in Chernowitz, Romania, in 1921 and immigrated to Israel in 1934. He studied history and philosophy at Hebrew University in Jerusalem before beginning his career in the diamond industry as a diamond sawer in 1942. He advanced in the industry and opened Schnitzer-Greenstein with a partner in 1952. His own company, M. Schnitzer and Co., founded in 1980 with his son and son-in-law, would become a leading firm in the industry.

Schnitzer helped found the IDE in 1947 and was a leading force in the expansion and development of the exchange, now the largest in the world. From 1967 to 1993, he served as president of the IDE. Under his leadership, polished-diamond exports increased from $200 million to $3.4 billion annually.

He was also president of the WFDB from 1968 to 1972, and again from 1978 to 1982. He became lifelong honorary president of the WFDB in 1982 and lifelong honorary president of the IDE in 1994.

Schnitzer received the Order of King Leopold of Belgium for his contributions to the international diamond industry and to the development of ties between Israel and Belgium. He also received an honorary doctorate from Bar-Ilan University.

He established the Harry Oppenheimer Diamond Museum in Ramat Gan and served as its chairman until July 2003. The municipality of Ramat Gan named the plaza adjacent to the diamond exchange Moshe Schnitzer Plaza, and the campus of the diamond exchange was named the Israel Diamond Center in his honor in 2002. He was also named an honored citizen by the city of Tel Aviv.

Schnitzer received the prestigious Israel Prize in 2004 for his contributions to the State of Israel and Israeli society.

"Moshe Schnitzer is identified more than anyone else with the Israel diamond industry, and his vision and personality have contributed greatly to Israel's stature in the world," stated the official announcement for the prize. He was called "the highest-ranking ambassador of the diamond industry."

His three children, Hanna Gertler, Etty Yovel and Shmuel Schnitzer, and their families, survive Schnitzer. His wife, Varda, died in 2002. His son Shmuel also served as president of the IDE and the WFDB.

Schnitzer's funeral was held today in Israel. The funeral began at the IDE compound, where he was eulogized by former Israeli Prime Minister Benjamin Netanyahu, former Chief Rabbi Israel Meir Lau, Mayor of Ramat Gan Zvi Bar, IDE President Avi Paz, IDI Chairman Moti Ganz, past vice president of the Diamond Exchange Bumi Traub, his daughter Hanna and his son Shmuel. He was buried in the Nahalat Itzhak cemetery in Tel Aviv.

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