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Former IDI Chairman Simcha Lustig dies

April 29, 2009

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Ramat Gan, Israel--Simcha Lustig, former diamantaire, chairman of the Israel Diamond Institute Group of Companies (IDI) and leader of the Israeli Diamond Industry, died on April 27. He was 71.

Lustig began his career in the diamond industry in 1958, joining the family business, which was one of the first diamond-polishing plants in Israel.

He later founded his own company, Moshe Lustig Diamonds (Paldico 1942) Ltd., and concentrated on Far Eastern markets. The company became one of the three largest exporters of polished diamonds from Israel.

Lustig also held a partnership for 15 years with Marvin Samuels of Premier Gem Corp. of New York, called Lustig--Samuels Diamond Manufacturers, which manufactured large diamonds for American and Far Eastern markets.

He was also a Diamond Trading Co. sightholder for many years.

Throughout his career, Lustig was active in public service to the Israeli Diamond Industry and served in many key positions in the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA).

In February 2008, during the Third International Rough Diamond Conference, Lustig was awarded the Lifetime Achievement Award from the Israeli Diamond Industry and was honored with a standing ovation by the audience.

In July 2008, the IsDMA awarded him the title of "Dignitary of the Industry."

IDI Chairman and IsDMA President Moti Ganz said Lustig was a visionary and a leader.

"He believed in the industry and its people, and he was willing to invest great efforts in realizing his vision," Ganz said in a media release. "During his term as IDI chairman, he played a key role in strengthening the Israeli industry's relations with the global diamond industry. His legacy will remain with us always."

Born in Tel Aviv in 1937, Lustig volunteered for the paratroopers unit in the Israel Defense Forces and was seriously injured during his military service. Confined to a wheelchair since that time, Lustig led a most courageous struggle to maintain an active lifestyle. He was a table tennis champion, a member of the Israeli basketball team and won a bronze medal in the Paraplegic Olympic Games in Tokyo in 1964.

His wife, Naomi, and daughters Ronili, Daphna and Tamar survive him.
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