The Israeli Diamond Industry, represented by the Israel Diamond Institute (IDI), the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA), last night exchanged letters of cooperation with the Panyu People’s Government. This came at the culmination of a visit by a senior delegation from Panyu to the Israeli Diamond Industry.
The letters propose that the two sides embark on joint efforts to bolster reciprocal working relations to accomplish projects of mutual interest. The letters were signed on the Israeli side by Mr. Avi Paz, IDE President and Mr. Moti Ganz, IsDMA President and IDI Chairman, and on the Chinese side by Mr. Tan Ying Hua, Chief Party Secretary of Panyu PCC and Chief Director of the Panyu People’s Congress, who led the delegation, as well as Mr. Li Wei-tang, Deputy Chief of the Panyu District and the de facto mayor of Panyu. The delegation also included high ranking officials from Panyu, as well as Mr. Johnny Chang, representing the Worldmart Jewelry & Gems Emporium, an international trading platform supported by the Chinese government.
The letters were signed at a ceremony and dinner reception held in honor of the delegation. Earlier that day a meeting was held between senior members of the Israeli Diamond Industry and the Chinese delegation, where both sides presented the advantages of doing business with their respective centers.
Panyu is the leading center in China for diamond and jewelry manufacture and trade. The delegation stressed that there are important advantages for Israeli diamond companies to manufacture and trade in Panyu, including close proximity to Hong Kong, the low cost, high quality labor and an efficient and open approach to doing business with foreigners. They also emphasized the importance of the Chinese domestic market for consumption of diamonds and diamond jewelry, and stated that the local market had grown during the past year despite the global economic crisis.
Mr. Moti Ganz said that this was an historic visit and ensured the delegation that the agreement signed here was of major importance to the Israeli Diamond Industry. Ganz noted that Panyu is well-known for its diamond manufacturing facilities and that some Israelis have already begun to manufacture there. Mr. Avi Paz said that the agreement will open the doors between the Israeli Diamond Industry and Panyu. “We will do our best to spread the word to all the Israeli diamantaires to do business in Panyu,” he stated.
Earlier, the Chinese delegation presented Worldmart, an international trading platform which will enable Israeli diamantaires to trade with the Chinese diamond market through Panyu, rather than exclusively through the Shanghai Diamond Exchange. The new platform also works together with Brinks bonded warehouse to facilitate trade between Israeli diamond companies and the Chinese diamond and jewelry market.