80% of New Members in Last 2 Years From Young Generation

Members of the Israel Diamond Exchange (IDE) gathered Wednesday evening to discuss topics surrounding the next generation of exchange members.

IDE President Avi Paz spoke about the exchange’s role in supporting the younger members of the industry. “There is no other bourse in the world that develops and cares for the younger [members] the way we do,” Paz stated. “We are doing everything that is within our power to ensure that you (the next generation) will succeed.”

IDE Managing Director Yair Cohen said that there has been a substantial increase in new bourse members, especially young ones, in the last few years, as well as new students in gem grading and polishing courses. He also mentioned the steps being taken to advance the position of the younger generation in the diamond trade, including:

·    Upgrading of the technological department, specifically for the examining of diamonds with lasers. This includes having stations of Sarin, GIA and HRD in the bourse.

·   Professional training, including gemology courses and training in marketing and sales.

·   Forming a strong connection for the rough supply of diamonds to the next generation.

• Bank credit (from Bank Discount and Bank Mizrachi) allowing credit lines of $100,000.

Diamond Controller Shmuel Mordechai emphasized the importance of having young diamantaires for the sake of the country’s economy, and following this, Eli Shiri delivered an address, as a member of the Next Generation Committee, in which he explained that there is no budget for the committee and that they were interested in hearing feedback from exchange members on how to improve the situation.