President of the Israel Diamond Exchange (IDE), Yoram Dvash, led a delegation of leaders of the diamond industry to Moscow last week to meet with senior ALROSA officials. The delegation included the heads of 28 leading Israeli diamond companies, as well as Israel Diamond Institute Chairman Boaz Moldawsky; and Israel Diamond Controller Danny Tal.

Dvash outlined the purpose of the visit as strengthening business ties and cooperation with the mining giant, “with the aim of increasing the quantity of rough goods entering Israel”.

In a statement, IDE said that the highlight of the visit was a meeting with ALROSA CEO Sergey Ivanov at the company’s headquarters.

At the meeting, Dvash introduced the members of the delegation; as well as represented their desire to buy more rough diamonds from the Russian mining company. He conveyed that, considering the fall in sales of rough diamonds, it is significant that a large group of serious Israeli diamantaires want to buy rough from ALROSA.

"This is a brave and important statement, which shows the strength of the Israeli diamantaire, who has a great deal of knowledge and experience, has a strong financial base and wants to buy rough from you, especially during a difficult period,” Dvash said. “As President and businessman, I see this as an opportunity, not as a crisis, and we believe in cooperation with you.” Dvash also cited the excellent trade relations between the leaders of the State of Israel and Russia, Benjamin Netanyahu and Vladimir Putin, as an important basis for increased cooperation in the diamond industry.

ALROSA CEO Ivanov, referring to his recent visit to the Israel Diamond Exchange, emphasised its advanced level of development as well as its vibrant and diverse character. “He praised the IDE’s multifaceted approach to business development aimed at promoting not only traditional models, but also various start-ups and technologies within the Diamond Tech Innovation Center,” said IDE in a press release. “Ivanov concluded by saying that ALROSA is interested in strengthening cooperation with the Israeli bourse.”

Israel Diamond Controller Danny Tal told ALROSA officials that the industry “enjoys steady cooperation with the government”. One of the most important steps taken by the Israeli industry, he noted, “is the integration of regulatory processes which has made it more transparent, and this is a firm basis on which to build increased international trade”.

The manager of Union Bank’s diamond exchange branch, an important lender to the diamond industry, said that the industry has undergone important changes and she hopes to increase business activity in this sector.

Post the discussion, the delegation was taken on a conducted tour of ALROSA's facilities and was provided with an insight into its operations; and also apprised about the company’s supply chain.

The visit was coordinated with the assistance of the Israeli Embassy in Moscow and the Ministry of Economy, IDE stated. Israeli Ambassador Gary Koren and Economic Attache Yakir Davidson also joined the Moscow meetings. 

Pic Cap: ALROSA CEO Sergey Ivanov (lft) and IDE President Yoram Dvash (rt) at ALROSA headquarters