GIA Officially Opens Israel Lab: Estimated to Save Local Industry $30-$50 Million Annually
September 04, 12
(IDEX Online News) – The opening of the GIA lab in Ramat Gan could save the Israeli industry $30-$50 million annually on shipping, insurance, banking and other related charges.
According to Moti Ganz, chairman of the Israel Diamond Institute Group of Companies (IDI), local GIA grading could also double industry turnover by cutting the grading lag time from six to eight weeks to less than one week. This, he said, was especially important for the many small businesses that play such an important part in the industry and that cannot afford to have their money locked up for such extended periods.
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Avraham (Bumi) Traub, president of the Israel Diamond Manufacturers Association (IsDMA), who called the opening "historic," said he expects the new lab to become one of the largest for the GIA, especially if Israel manages to reestablish itself as a manufacturing center.
Given the high costs of manufacturing worldwide, Traub believes manufacturers will return to Ramat Gan. “Special stones will be manufactured here. “We don’t want small goods here, rather those important, difficult stones that you have to use your head to manufacture.”
Speaking after the official opening, which was attended by Israel’s minister of Foreign Affairs and deputy prime minister, Avigdor Liberman, Donna Baker, GIA president and CEO, said the capacity of the lab would be small to begin with and would grow according to local demand.
Currently, GIA has employed 15 Israelis and 14 expatriate Americans. According to Baker, the plan is to gradually hire and train more locals to operate the lab, which will initially offer grading for colorless diamonds up to 2.99 carats.
In a departure from its usual operating procedure, GIA has introduced a reservation system for direct submission allowing clients to schedule drop-off and pick-up appointments. They will also be able to monitor the progress of their services online.
If reservations are not available, stones can still be submitted through GIA LabDirect consolidators who will provide take-in services. They will also take in diamonds larger than 2.99 carats, fancy color diamonds, colored gemstones and pearls.
GIA said it was considering the introduction of the reservation system at its other labs.
In addition to the opening of the lab, GIA and Israeli diamond industry representatives met with In addition, representatives from the industry and GIA met with officials from Tel Aviv University to discuss the possibility of running GIA courses at the university and conducting research into diamonds.
The Ramat Gan lab is GIA’s eighth laboratory worldwide. A ninth facility is scheduled to open in Japan later this year.