Last July, Yair Sahar, owner of Sahar-Atid Diamonds, was elected new President of the Israel Diamond Exchange replacing Avi Paz, who completed six years in this position.
Sahar-Atid is specialized in the manufacture and trade of polished diamonds. It is a sightholder of DTC and Harry Winston. In 2009, the company was bestowed the title of “Outstanding Exporter of Israel.”
Yair Sahar answered some questions from Rough&Polished.
Several months have passed since you were elected President of the Israel Diamond Exchange. What were the first steps you made and what do you consider the most important about this work?
Actually by the amount of hours I have invested, it seems that I have been in this position for a long time. I have been very active on all fronts, taking steps to achieve the goals I have set out:
Bringing “fresh blood” into the management of the Diamond Exchange – especially younger members and women.
Strengthening the international position of our center, through our relations with governments, non-governmental bodies, mining companies and others.
Improving the financial position of our industry through discussions with the existing and new financing institutions .
Caring for the welfare of the members of the Israeli diamond community.
What is the difference between being President and Vice President? What is new in your responsibilities?
It’s like the difference between day and night. The Vice President carries out but the President decides on policy. You could say that the VP lives history but the President makes history.
Could you say a few words about your company’s business and what helped you to become the “Outstanding Exporter of Israel”?
I entered this industry 30 years ago, and I worked in almost all of the different professions -in cutting and polishing, in marketing, trading, exporting – eventually establishing my own company. I believe in hard work, diligence, professionalism. This is true for my business and it is true for my public work.
Some analysts predict new waves of global crisis. What is your projection for the situation in the diamond market – both across the world and in Israel?
In the short term the situation is complex. We need to see an adjustment between polished and rough prices. While some polished goods have maintained prices, others have not kept up with the price of rough. I believe that the price of these goods will rise. There has already been a minor downward adjustment in the price of rough. But many manufacturers are holding on to the rough and not manufacturing.
There seem to be enough goods in the pipeline for the next few months, but since demand is high polished prices will go up. It will take a few months but this will straighten out.
In the long term diamond demand is rising all the time, as affluence grows in China, India and other parts of Asia. The US and Europe are maintaining levels of demand. As producers are telling us, if no new sources of diamonds are found in the next few years, demand will outweigh supply in the long term.
What are the relations of IDE with De Beers, ALROSA and other world diamond mining majors?
Our relations with all of the major mining companies are very good. They realize that Israel is a very good place to do business. The financial situation of the Israeli Diamond Industry is solid. I believe that in the future we will see Israel’s position as a rough trading center become even stronger.
What is new in the field of cooperation between IDE and diamond bourses (markets) in China, India and African countries?
Our local industry is looking to Asian markets as the source of growth for polished diamond exports. We have expanded our participation in trade shows in Hong Kong, China and Thailand. We are planning to open an office of the Israel Diamond Institute in Mumbai this year. Since taking office I have instituted a hotline with the President of the Mumbai Diamond Exchange that includes the Managing Directors of each exchange as well as the Diamond Controllers of each country. We have pledged to discuss and address any issue that arises directly and speedily. I’m sure that this will be very important in solidifying the relations of both our industries.
Galina Semyonova, Rough&Polished
