European Union Delegation Visits Israel Diamond Center

A delegation from the European Union, consisting of representatives of various European countries, has visited the Israel diamond center in Ramat Gan. The delegation, headed by Luigiandrea Pratolongo, First Counsellor, Head of Trade and Economic Section, EU, was given a tour of the Israel Diamond Exchangeand the Harry Oppenheimer Diamond Museum as part of their visit.

During a meeting at the Israel Diamond Institute (IDI) with Eli Avidar, Managing Director of the IDI, the delegation was given an overview of the diamond sector, focusing on the challenges faced by the industry since the global financial crisis took hold.

Avidar told the delegation of the steps that the IDI had taken to help the Israeli diamond industry during the financial crisis, as well as discussing growth markets in the diamond sector, such as China, India and other countries in Asia.

Avidar also noted the special relationship between the European Union and the Israeli diamond sector. “Diamonds are a very important part of the trade between the EU and Israel,” noted Avidar. “We have a tremendous level of understanding between the European Union and Israel and I believe there is great potential for growth.”

Avidar also took a moment to address the issue of reforms in the wider mining sector, and the challenges that such reforms face. He commended the EU for their work in this area, saying “I think that the EU is very effective in acting on this subject.”

Shmuel Mordechai, Israel’s Diamond Controller, expanded on the subject of the growth of Asia in the diamond sector. “In the last ten years, the United States’ share of the diamond trade from Israel has fallen from 70% to under 40%. Conversely, the Far East has grown to around 40%. I don’t think we have seen the last word from Asia and I think that they will achieve a market share of over 50%. The future is in the Far East,” he explained.

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Published by the Israeli Diamond Industry.

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