IDEX Poll: 95% Willing to See Bankrupt Diamantaires Expelled

95 percent of respondents to IDEX Online’s latest poll say the industry’s diamond exchanges should expel bankrupt companies and individuals, but don’t agree on the conditions under which to hold the expulsions. The recent slew of bankruptcies in Israel, and rumors of more around the world, has prompted many to seek more effective solutions to the problem.

“Diamantaires that go bankrupt are either serial or will be serial bankruptcy cases,” an angry member of the Israel Diamond Exchange (IDE) said a few weeks ago. He and others want to see failing IDE members removed from the Exchange to protect the rest. The wider community of the industry seems to agree with this demand.

This led us to ask ‘How should the diamond exchanges handle bankruptcies?’ 10 percent of respondents want harsh measurements to be taken, saying “Expel the involved companies/individuals immediately”.

30 percent want to “Hold a hearing and expel in all cases of debt to other diamantaires”, which is the current policy of some exchanges. Antwerp’s Diamond Club expels members in most such cases, says Club President Willy Rotti.

A whopping 55 percent want to see explosions “only in clear cases of fraud”.

Good Samaritans do exist among us. 5 percent of respondents said they want diamond exchanges to help these companies and individuals “get back on their feet”.

This week we want to know how you feel about the large number industry trade shows, specifically, are there too many shows? You are invited to answer the poll, accessible from our home page.