IDI expands activities in Africa

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IDI expands activities in Africa

November 08, 2007

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Tel Aviv, Israel—At a recent conference in Tel Aviv marking 50 years of economic cooperation between Israel and Africa, Israel Diamond Institute (IDI) Chairman and Israel Diamond Manufacturers Association (IDMA) President Moti Ganz said Africa holds the greatest economic opportunities today.

Ganz added that due to an increase of stable democratic regimes in Africa, there is now a greater call for beneficiation on the part of African countries, with a portion of the diamond-manufacturing process locating there. Israeli diamond manufacturers, recognizing the economic opportunity, are leading the creation of a local manufacturing industry, alongside the mining activities in producing countries, according to Ganz. He said that Israeli companies are establishing diamond-polishing plants in Africa, training workers and giving back to the community by supporting medical and educational programs.

Ganz also said that De Beers has brought a number of its sightholders, including Israeli companies, to Botswana, and has committed to manufacturing $500 million worth of polished diamonds there. The rest of Botswana's $3.5 billion worth of rough production will be distributed throughout the global industry, with a portion being sold directly to Israel. This, Ganz said, will help to ensure a continuous supply of rough diamonds to the Israeli industry.

The Israeli diamond industry will hold the third International Rough Diamond Conference—aimed at strengthening the Israeli diamond industry's ties with both producing countries and mining companies—from Feb. 11-12 in Tel Aviv. The conference is expected to bring a large number of leaders of African countries, as well as heads of international mining companies.

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