Indian, Israeli diamond leaders promote binational cooperation

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Indian, Israeli diamond leaders promote binational cooperation

August 10, 2007

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Ramat Gan, Israel—Israel Diamond Institute (IDI) Chairman Moti Ganz welcomed H.E. Kumar Ashwani, Minister of State of the Indian Ministry of Commerce and Industry, to the Israeli diamond industry this week.

The Joint Secretary of the Indian Ministry of Commerce and Industry Gopal Krishna, India's Ambassador in Israel Dr. Arun K. Singh and other Indian diplomatic representatives based in Israel attended a luncheon held in honor of Ashwani. Leaders of the Israeli diamond industry also took part, including Israel Diamond Exchange President Avi Paz, Israel Diamond Manufacturers Association Deputy President David De-Toledo and Israel Diamond Controller Shmuel Mordechai.

Ashwani commented on the joint history shared by the two countries and the positive relationship they share.

"This is a multifaceted relationship with a wide and diversified foundation based on culture, custom and, of course, economics," he said, in a statement.

Ganz said open dialogue between the Israeli and Indian diamond industries is crucial.

During the event, Israeli diamond leaders said activities offered to Indian diamond companies in Israel should also be given to Israeli diamond companies aspiring to do business in India. They said the goal is to promote the possibility of Israeli diamond companies growing the local consumer market in India. Krishna was chosen to look into the issues to clarify regulations and guide the Israeli diamond companies in dealing with India.

The industry leaders lauded Ambassador Singh and his contribution to the cooperation between the countries' diamond industries. In the first half of 2007, reciprocal trade between Israel and India totaled $1.6 billion, while in all of 2006 it came to $2.7 billion. Israel's exports to India reached $1,246 million dollars, with diamonds and precious stones constituting 61 percent of the total export. Israel's imports from India reached $1,481 million, with diamonds and precious gems constituting 66 percent of the total.

The IDI has declared India a strategic market for the Israeli diamond industry in 2008 and is looking to expand its activities there.

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