IDE signs MOU with Shanghai Diamond Exchange, Chinese to polish larger stones in Israel
IDE signs MOU with Shanghai Diamond Exchange, Chinese to polish larger stones in Israel.Israel Diamond Exchange (IDE) and the Shanghai Diamond Exchange (SDE) outlined areas of mutual cooperation in an MOU they signed together in Ramat Gan. One aspect of the agreement allows for China’s diamantaires to access polishing their large diamonds at Israel’s new and upcoming manufacturing facility. This facility is being built by the IDE and Israel Diamond Institute (IDI) in the IDE complex.
“The establishment of our new polishing plant for large stones is part of the technological revolution we are implementing at IDE, which includes the launching of the largest online store in the world for selling diamonds. Technology is the way to lead the industry on a successful path to the future, especially in light of the recent challenges we have been facing,” IDE President Yoram Dvash noted.
The MOU was signed at the time of a high-level delegation of SDE management and members visiting Israel. The delegation were welcomed by Jacob Korn, President of the Israel Diamond Manufacturers Association (IsDMA), Boaz Moldawsky, Chairman of IDI and the IDE Board of Directors. The agreement was signed by IDE President Yoram Dvash and SDE President Li Qiang.
Those present defined this development to be a rare case of “globalization in reverse”. “This is a very unusual situation, whereby Chinese diamantaires will send their large diamonds to be polished in Israel. It is testimony to the well-known expertise of the Israeli polishers and the technological advances of the industry here,” said IDE President Yoram Dvash.
This joining of hands defines many areas of cooperation – making available offices and spaces for trading, easing ways for member of either side to join the other and allowing members to participate in course by each of the exchanges. Further, both IDE and SDE would assist each other in develop its diamond industry with “the recognition of the importance of each side to the international diamond and jewelry industries and the mutual interest in cooperation.”
Both the exchanges, IDE and SDE will invest $3+ million to build the polishing plant for large diamonds, imbibing the latest technology in the world. There will be two polishing centers in the bourse complex, measuring 1,100 square meters and employment of about 150 polishers.
Majority of small diamond polishing has been relocated overseas particularly India and the Israel remains home to polishing larger stones. The new facility is expected to attract diamantaires who currently avail of polishing services abroad, to return their polishing activity to Israel. The factory is expected to polish thousands of stones per year of the sizes between 5 to 10 carats and above.
The factory is planned to open in late January 2019, at the time of the International Diamond Week in Israel.