Israel to hold rough-diamond conference

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Israel to hold rough-diamond conference

September 18, 2007

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Ramat Gan, Israel—As the diamond industry continues to confront changes in the supply chain, the Israel Diamond Institute (IDI) announced it will hold its third "International Rough Diamond Conference: Tribute to the Producers" from Feb. 11-12, 2008, in Tel Aviv, Israel.

The event is set to include ministers from African diamond-producing countries, along with representatives from the world's major diamond producers.

"Greater efficiencies in the diamond value chain have prompted more diamond producers to market their rough diamonds through Tel Aviv," IDI Chairman Moti Ganz said in a statement. "Producers have found that they can optimize revenue and enhance values by working directly with the manufacturers of gem-quality diamonds."

Ganz noted how companies such as Rio Tinto and Alrosa have been holding diamond tenders in Tel Aviv. In addition, Diamdel, the subsidiary of De Beers that supplies rough diamonds to the secondary market, reiterated its commitment to keep an active trading office in Israel.

"The stringent adherence by Israel to the Kimberley Process Rough Certification Scheme and the soon-to-be-adopted Israeli-diamond-industry-specific anti-money-laundering legislation, which will be among the strictest in the industry, are contributing to the producers' confidence in Israel as a preferred manufacturing and trading center," Ganz said.

He said top Israeli government officials, including the prime minister and the nation's senior economic ministers, will participate in the conference, underscoring the close relationship between the diamond industry and the Israeli government.

In recent years, Israel has imported approximately $5 billion worth of rough diamonds annually, said Eli Avidar, managing director of the IDI. This year, he said, rough imports are up 20 percent over 2006.

"Israel's state-of-the-art technology is sustaining our competitive advantage in the manufacturing of the high-quality goods, for which the market remains particularly strong. This conference is aimed at bringing the producers closer to the Israeli market and industry," Avidar said.

He said more details about the event will be made available shortly.

"In the best tradition of Israeli conferences, the program will promise an exciting mix of serious business with excellent entertainment," he said.

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