IDI Hosts Diamond Town Hall Meeting With Gareth Penny and Varda Shine of De Beers

RAMAT GAN, Israel - De Beers MD Praises the Leadership of The Israeli Diamond Industry

RAMAT GAN, Israel, June 19 /PRNewswire/ –

Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) today hosted Israel’s first ever Diamond Town Hall Meeting with Gareth Penny, Managing Director of the De Beers Group and Varda Shine, Managing Director of the Diamond Trading Company (DTC). The meeting was attended by hundreds of Israeli diamantaires, who came to ask questions and exchange views with the leading management of the world’s leading rough diamond supplier.

Opening the meeting, Moti Ganz said that he welcomed the opportunity to hold this open discussion between the Israeli Diamond Industry and the management of De Beers. “This meeting is an additional step in IDI’s broad-based efforts to support and promote the Israeli Diamond Industry during this difficult time. The event testifies to the importance and vitality of Israel as a world-class diamond center. There is no doubt that this meeting offers an important opportunity to raise issues and to receive answers to the questions regarding pertinent issues facing the industry at this time,” he said.

The Town Hall meeting, based on the traditional model of informal public meetings, was moderated by industry expert Chaim Even-Zohar. Varda Shine delivered opening remarks, preceding a presentation by Gareth Penny, and a question and answer session. Shine said that the only certainty in today’s economy is that the situation is constantly changing. However, she noted, “This is an industry that is highly adaptive and adept at finding new ways to succeed. Innovation is part of the DNA of our industry.”

In his presentation Gareth Penny characterized the economic situation and its impact on the diamond industry as follows: “These are extraordinary times, which require extraordinary action, for an extraordinary product.” He said that over the past 120 years the diamond industry has proven its resilience, and he noted that after every recession the diamond industry has experienced an immediate resurgence. Penny said that we are now seeing early signs of recovery, noting that there is an increased demand for rough. However, he said, the crisis was not yet over.

In terms of the extraordinary action required Penny said that it was important to show confident leadership. He praised highly the leadership shown by the Israeli Diamond Industry, especially the strategic marketing campaign “Together Works” initiated by IDI.

In speaking about the diamond as an extraordinary product, Penny noted that the fundamentals of the industry were exceptionally strong. He said that the diamond is a unique treasure of nature, which is at least one billion years old. It is becoming rarer since no major new sources of supply have been found. Although some consumers are postponing purchase of diamonds, he noted that research shows that the long term demand for diamonds is actually as strong as ever.

During the question and answer period, Penny was asked about DTC rough supply for non-sightholders, Penny confirmed that De Beers is still committed to supporting non-sightholders through Diamdel, part of the De Beers Group.

In response to a question about when the market would recover, Penny said that he believed that this Christmas will be ahead of last year, but that it may take until the following Christmas to reach former levels.

Penny concluded the meeting by congratulating the Israeli diamond center for its efforts. “The Israeli industry has shown outstanding leadership. Your innovation and flexibility is the highest in the world. There is no doubt that you will come through this crisis stronger than ever,” he said.

Contact: Sharon Gefen Tel: +972-3-5442999; +972-54-4494494, E-mail: Sharon@gefenltd.com.

Source: Israel Diamond Institute

Contact: Sharon Gefen, Tel: +972-3-5442999; +972-54-4494494, E-mail: Sharon at gefenltd.com.