The Israeli Diamond Industry Signs Memorandum of Understanding With All India Gems and Jewellery Trade Federation

RAMAT GAN, Israel and MUMBAI, India, January 4 - The Israel Diamond Institute Group of Companies (IDI) announced today
that a Memorandum of Understanding (MOU) has been signed with the All India
Gems & Jewellery Trade Federation (GJF) for the establishment of areas of
cooperation between the two parties. The MOU was signed at a ceremony in
Jaipur by Mr. C. Vinod Hayagriv, Chairman of the All India Gems & Jewellery
Trade Federation and Mr. Eli Avidar, IDI Managing Director.

(Photo: www.newscom.com/cgi-bin/prnh/20100104/372405 )

The MOU states that the two parties share the desire to promote positive
relations between the Indian Gems & Jewellers Industry and the Israeli
Diamond Industry, and to enhance areas of cooperation between them, as well
as to intensify the dialogue concerning issues of mutual interest via
collaboration between the parties.

    The MOU calls for:

    - An examination of joint interests to safeguard the industry;
    - An ongoing exchange of information for the benefit of the members of
      both organizations;
    - An annual meeting to examine and plan subjects on the agenda;
    - A joint educational effort.

In addition, the parties will determine by mutual consent the level,
agenda, time and place of consultations and other forms of cooperation.
Moreover both parties will grant each other honorary membership in all
functions and events taking place under the auspices of the two
organizations.

The All India Gems & Jewellery Trade Federation is a national trade
federation for the promotion and growth of trade in gems and jewellery across
India. The Federation unites manufacturers, wholesalers, retailers and
exporters all over India.

GJF Chairman C. Vinod Hayagriv said: "This marks a new, unexplored and
exciting opportunity for Israel and India to seek each others strengths to
widen their markets. The direct access will help businesses of both countries
immensely as this partnership will help businesses of varying sizes to come
together for a common purpose of commerce. Also envisaged is education and
knowledge transfer between India and Israel."

IDI Chairman Moti Ganz said: "This is an extremely important moment in
the relations between the Israeli and Indian diamond and jewelry industries.
We truly believe that we have a common interest and through partnership we
will be able to benefit our members. The MOU is just the foundation for the
joint projects yet to come."

This is the second MOU that IDI has signed with India in the past four
weeks. The first MOU was signed in November with the Gem and Jewellery Export
Promotion Council of India (GJEPC).

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

    www.israelidiamond.co.il

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