Trading activity in Ramat Gan in early September was influenced by the uncertainty surrounding rough and polished prices, with few transactions taking place. Most traders waited for the Hong Kong fair from September 19 – 23, which featured a record-breaking delegation of 125 Israeli exhibitors.

On the background of the price uncertainty the Israeli participants approached the show with limited expectations. However, at the conclusion of the fair the Israeli delegation reported good sales, and most exhibitors said that they were able to hold firm on their prices. Moti Ganz, Israel Diamond Institute Chairman said that the local industry’s positive business outcome at the fair “… attests to the excellent business relationships our industry enjoys in Asian markets.”

The Israeli contingent to the Hong Kong fair was the largest at the show. It was spread over two 1,500 square meter booths, with some exhibitors having their own booths throughout the fair. IDI also sponsored the official opening reception at which Moti Ganz presented Varda Shine, CEO of the Diamond Trading Company with the IDI League of Honor award. Yair Sahar, new President of the Israel Diamond Exchange presented Shine with a specially-designed brooch on behalf of the Israeli Diamond Industry.

Both Ganz and Sahar commended Shine for her contribution to the global diamond industry and in bringing social change to communities worldwide

While in Hong Kong, Ganz, Sahar and other industry leaders met with the heads of Standard Chartered Bank to discuss future cooperation with the bank. They were met by Kishore Lall, Managing Director and Global Head of the bank and by Anna Martin, Managing Director of the Diamond and Jewelry Division. The bank lends the global diamond industry more than $2.5 billion annually. The bank leaders said that they were impressed with the robustness of the Israeli industry, and would look into ways of increasing its funding for Israeli companies.

During his Hong Kong stay IDI Chairman Moti Ganz also commented on the decrease in the size of the September DTC sight. He said that the decision to reduce the sight to about $380 million would help to calm the market and praised the company for taking this step.

Trading during the last week in September was cut short by the Jewish New Year on September 28-30. The Jewish holidays of Yom Kippur and Sukkot take place during October, causing an expected slowdown in trading until the last week of the month.