Elections for Israel Diamond Exchange (IDE) president and board of directors were held during July. Later in the month Yair Sahar, owner of Sahar-Atid Diamonds, the newly elected president of the exchange, announced the appointment of five vice presidents. They are: Rafi Yerushalmi, who will serve as Acting President in his absence and Chairman of the Judicial Committee; Yehuda Sayag, who was made Deputy President and Chairman of the Management Committee; Yoram Harel Haimoff who will head the Trading Hall Management Committee; Shalom Papir who will head Security and Ben Zion Saso, who will chair the Members’ Committee.

In addition, other new members appointed to the IDE board include Moti Fluk, Ishai Topel, Shlomo Shimshovitz, Tomer Smetana, Amotz Raz, Hagai HaLevi, Yossi Ben Zion, Eli Shiri, Yaakov Harun Shelli, Yitzhak Mandler, Yaakov Katan, Ilan Samuel, Yitzhak Berman and Boaz Moldavski.

During the month Moti Ganz, IDI Chairman, IDMA and IsDMA President and Donna Baker, President and CEO of GIA, announced that GIA will plan to open a center in Israel in the fourth quarter of 2011. The GIA facility in Israel will include laboratory, education and research activities, providing on-site lab services, including GIA Diamond Grading Reports and Diamond Dossiers, and educational seminars on diamond grading.

Baker noted in the announcement, “Israel is among the world’s most dynamic and innovative diamond centers and we are very excited to support the trade on-site through our independent laboratory, education and research facilities.” Ganz said “GIA will further strengthen the leadership position of the Israeli Diamond Industry by providing opportunities for our constituents to enhance their skill and knowledge base, which will expand our talent pool within the market.”

Trading activity in Ramat Gan was relatively slow toward the end of July in anticipation of the summer break at IDE from August 2 – August 22. Activity during the break was extremely low, with a general positive outlook for the post-vacation period. However, as negative economic news from the U.S. brought about volatility in the world stock markets, traders remained cautious. Many expressed hope that conditions would stabilize by the time vacation ends.

The IIJS Show in Mumbai featured 8 Israeli companies, with many more on a waiting list. This was the fourth time that IDI organized a national pavilion at the show and interest has grown every year. Israeli exhibitors said that the show was not as well attended as in previous years and that the market fall affected the mood, but that all in all it was a good show for their purposes.