A delegation from the Israel Diamond Exchange (IDE) led by President Yoram Dvash were present at the Economics Committee convened on 27, July for a special meeting on the state of the diamond industry in Israel due to the coronavirus crisis, according to a press release from IDE.
At the meeting, the Economic Committee Chairman Rabbi Yaakov Margi said “Israeli diamond industry is a leading export industry in Israel which has been dramatically affected by the pandemic.” Speaking about the country’s diamond industry, Yoram Dvash said: "The diamond industry has been a significant growth engine for the Israeli economy for over eight decades. To ensure the continued success of our industry, we propose to take advantage of our status as a leading diamond center and to establish an international diamond trading area in Israel with the support of the Ministry of Economy.”
Israel Diamond Controller Ofir Gur said, "A free trade area in the diamond exchange complex can be an excellent idea, and our intention at the Ministry of the Economy is to begin discussions on the subject immediately in order to put it into motion."
At the end of the session, the Economic Committee recommended that the Ministry of Economy and the Ministry of Finance, together with the Tax Authority and other bodies, establish an international free trade area in the diamond exchange complex that will allow companies from abroad to open offices in Israel and engage in diamond trading in Israel.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
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