From left: Ahmed Bin Sulayem, CEO of Dubai Multi-Commodities Centre (DMCC); Yoram Dvash, president of Israel Diamond Exchange; and Martin Leake of DMCC
Global industry stakeholders graced the 2020 edition of the International Diamond Week in Israel (IDWI).
The three-day show, which welcomed over 300 international buyers from 18 countries when it opened on February 10, features more than US$1 billion worth of diamonds.
Israel Diamond Exchange President Yoram Dvash said a record number of global buyers and delegations attended the event but there would have been more participants if not for the novel coronavirus outbreak in China and other parts of the world.
“We are at the beginning of 2020 and we hope this year will be one of recovery in the markets. In light of reductions in rough allocation by some producers, shortages have been created and demand for certain goods has grown,” Dvash said in his welcome address. “This is certainly a step that will allow an adjustment in the global levels of rough and polished goods. We hope that this trend will continue in the coming months and will create new opportunities for the world diamond industry.”
In a separate speech, Martin Rapaport, president of the Rapaport Group, talked about the importance of upholding values in marketing diamonds, especially to the younger generation. He called on diamond producers to reduce rough diamond prices by 30 per cent to ensure market liquidity and to invest larger sums in generic marketing.
A professional panel entitled “Traceability & Provenance from Supply Chain to Manufacturing and Retail” as well as a lecture by Oded Edelman, CEO of R2Net, and James Allen on the role of e-commerce in selling diamonds, are also scheduled to be held throughout the show.
Diamond leaders from around the world graced the show, including Alrosa President Sergei Ivanov, World Federation of Diamond Bourses President Ernie Blom, CIBJO (World Jewellery Confederation) President Gaetano Cavalieri, Bharat Diamond Bourse Vice President Mehul Shah, Dubai Multi-Commodities Centre Executive Chairman and CEO Ahmed Bin Sulayem, London Diamond Exchange President Alan Cohen and Honorary President of the World Diamond Council Eli Izhakoff.