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Meeting with De Beers

The president of the Israel Diamond Exchange held a work meeting with DTC managing director Varda Shine and De Beers Group chief financial officer Gareth Mostyn during Mostyn's first trip to Israel.

 

The Israel Diamond Exchange was represented by president Yair Sahar, substitute president Rafi Yerushalmi, deputy president Moti Folk, vice presidents Shalom Papir and Ilan Samuel, Inspection Committee chair Shaul Yitzhak and managing director Moti Besser.

 

After Sahar and Besser gave a presentation on the activities of the diamond exchange and gave an analysis of the current situation and plans for the future, Shine spoke on the changes that follow from moving its operations from London to Botswana and the opportunities that result for the Israeli Diamond Industry. In the presence of Mostyn, Shine noted that Israeli diamond dealers are creative, innovative and very adaptable, and she expressed assurance in their ability to make the most of the changes affecting the industry worldwide. Relating to market conditions in the year to come, the coming months are said to show an increase in demand, and that this phenomenon will increase in proportion to the decrease in the supply of rough diamonds available to the global diamond industry.

 

The De Beers Group is in a phase of massive investment, to the tune of $6 billion, to develop new sources for rough diamonds, in an attempt to close the expected gap between demand and supply.

 

Gareth Mostyn closed the meeting with thanks for the warm welcome and said he was deeply impressed by the forminable strength of the Israeli diamond industry and its central place in the Israeli economy. Mostyn also emphasized the importance of strengthening the connection between De Beers and diamond industries such as Israel's.