By Albert Robinson
If there was element that wasn't missing from the Sixth International Diamond Week in Israel (IDWI) at the Israel Diamond Exchange's (IDE) trading hall held from February 13 to 16, it was action. Right from the opening, the IDE organized a wide range of activities in order to make a big impression on visitors – as well as via a big social media campaign which started a few months before the event.
And its efforts were rewarded with some 400 buyers from 30 countries, including the United States, U.K., Germany, China and India, and over 200 diamond companies exhibiting from Israel and abroad who, together with many hundreds of guests, ensured that the trading hall was packed out for the week.
According to the IDE, buyer registration for the event reached an all-time high with hotel capacity stretched to the limit, and registration closed almost two weeks before it started. The IDE said it was particularly pleased with the large number of first-time attendees. As a result, the Israel Diamond Exchange (IDE) announced that it would close registration by February 3, with people registering after that date not being guaranteed free hotel nights.
"This was clearly the biggest and best International Diamond Week in Israel," said IDE President Yoram Dvash. "It is our aim to take the event forward with every edition by adding new features. And it really paid off with the hall being packed and interesting things for buyers and visitors to see and do, in addition to the excellent trading opportunities that it presented."
In line with the IDE's recognition of the importance of involving elected officials, particularly ministers and members of Knesset (parliament), in its events, the festive opening ceremony included a speech by Israel's Minister of Tourism Yariv Levin. Meanwhile, the strength and importance of the Israeli diamond sector was illustrated with the presence of guest of honor, Alrosa President Andrey Zharkov. Among the other leading diamond and jewelry industry officials were Dvash, Israel Diamond Institute Chairman Shmuel Schnitzer, Diamond Dealers Club of New York President Reuven Kaufman, CIBJO President Gaetano Cavalieri and others, including delegations from Hong Kong, China, the U.S. and Italy.
And Zharkov didn't waste any time in making a good impression on his hosts, surprising the audience by making some opening his remarks in Hebrew, and telling the audience that he felt at home when visiting Israel. He further pleased the local audience by saying that Alrosa would be holding an auction during the IDWI of large, high-quality rough and polished stones that are especially suited to the Israeli market.
He then gave a talk before leading Israeli diamond companies where he reassured them that Alrosa is committed to strengthening ties with the Israeli diamond industry, and cited the importance of the 2015 Memorandum of Understanding (MoU) between Alrosa and IDE to share information and cooperate on issues of mutual interest. Confirming the importance of the Israeli market, Zharkov said that it is one of Alrosa’s three main markets as a major buyer of high-quality, large diamonds.
The second day of the fair turned out to be no less busy, with heavy traffic on the floor of the trading hall. It also included the official opening of the new International Tender Center, the signing of an MoU with the Hong Kong Jewelry Manufacturer’s Association and a presentation by Diamond Producers Association (DPA) CEO Jean-Marc Lieberherr about the organization's generic diamond marketing work.
"I found it a really interesting experience," said Manish Desai from Mumbai-based M. R. Diaglobe. "It was my first time in Israel. The exchange was really impressive as was the number of exhibitors, and there was a wide variety of goods on offer and the opportunity to make good connections with firms here."
Beyond the trading floor several events took place during the day. The International Tender Center was opened at a ribbon-cutting ceremony by Alrosa President Andrey Zharkov and local diamond leaders. Dvash said that the new tender center is intended to bring many additional rough and polished diamond tenders to Israel, avoiding the necessity of Israeli companies having to travel abroad to participate in these sales. Some foreign diamantaires also suggested that the construction of the new facility within the bourse was likely prompted by the establishment two years ago by the Antwerp World Diamond Centre (AWDC) of a center for holding tenders in the AWDC building.
The center has been created to provide convenience and security to users, said Dvash. Its control system is one of the most advanced in the world and offers users an efficient, comfortable and safe experience. It features private evaluation rooms built around a secured control room, from which every evaluation room can be observed. The control room has been fitted with one-way mirrors and closed-circuit cameras covering every evaluation room.
More than that, however, it will offer a package service, including marketing to buyers in Israel and abroad, attractive travel packages for buyers, including assistance in the visa application process, discounts at hotels near the Israel Diamond Exchange and deals with shipping companies.
"With the diamond industry in a near constant state of change, we have to be aware of the need to offer new services," explained Dvash. "This is critical to our ability to compete globally. Israeli is an important trading hub, so the new tender center fits in perfectly with what we offer. It will give mining firms and foreign buyers an extra incentive to come here as well as providing Israeli diamantaires with the opportunity to buy here on their own doorstep."
Meanwhile, a Memorandum of Understanding was signed between the young generation forums of the Hong Kong Jewelry Manufacturers’ Association (HKJMA) and the IDE for cooperation and business promotion. “We feel very close to you based on shared values. The young generations of both our countries have a great future. We can grow together,” said Yoram Dvash after signing the agreement with Kevin Ng, head of the Young Generation Forum of HKJMA.
HKJMA Chairman Dr. Adam Lau said, “The young generation joining this industry can bring new ideas for the industry. As e- business, product definition and tailor-made jewelry are becoming more and more popular, the young generation can bring creativity to further development in these areas. They are more familiar with online business and they can give more inspiration in e-marketing as well. I’m looking forward to the signing of the MOU between the younger generations of both of our industries.”
Taking advantage of the opportunity to be able to present to a large audience of Israelis and guests from across the world, Jean-Marc Lieberherr, CEO of the Diamond Producers’ Association (DPA) gave a presentation outlining the strategic direction of its generic diamond marketing program targeting Millennials and discussed plans for 2017. He also invited members of the Israeli diamond to send him suggestions and concerns.
As is usually the case with the International Diamond Week in Israel, there was again a special exhibit. This time it was a replica of the Great Imperial Crown of the Russian Empire which was used in the coronations of all Russian monarchs since Catherine the Great. It was created by Kristall-Smolensk, Russia’s leading diamond manufacturer in honor of its 250th anniversary, and was brought to Israel with the cooperation of Alrosa. It contains 11,352 polished diamonds, with a total weight of 1,180 carats. All of the polished diamonds are made from rough stones mined by Alrosa. Its value has been estimated at $20 million.
The Crown has been displayed throughout Russia, and came straight from the Hermitage Museum in Amsterdam where it was the central attraction of an exhibit dedicated to Catherine the Great from June 2016 to January. It has been viewed by 400,000 people since its creation in 2012.
Alrosa also put on display especially large and unusual polished and rough diamonds, some of which were part of its tender of stones weighing between 10 and 199 carats. Indeed, a new feature at IDWI 2017 was tenders of rough and polished diamonds by major producers and independent suppliers, including not only Alrosa, but also I. Hennig and Koin International.
"We have seen the growing success of this show since it started just a few years ago," concluded Dvash. "It takes a huge amount of organization and planning and the exchange's staff are really stretched, but the results are worth it. It has already become a fixture on the trade's calendar.
"In addition to the regular trade shows, this kind of inter-bourse event provides diamond firms in Israel and abroad with the opportunity to make new connections and put their goods before a new audience. And for buyers, they can come here and in just a few days see goods on offer by hundreds of firms and efficiently organize their time."
