The Israel Diamond Exchange (IDE) has drawn up an Ethical Code of Conduct that defines the principles on which its members should conduct their businesses, the exchange said in a statement. Some of the areas covered by the code, which took two years to finalise, include accountability, trust, fairness, integrity, expertise, tradition, industriousness, mutual responsibility and respect for others, it added.

The code requires IDE members to abide by a series of guidelines, which include to:

• Show respect in their business dealings for clients, colleagues, employees and suppliers, without regard to nationality, ethnicity, religion, color, gender or status.
• Comply with all legal regulations, to cooperate with government authorities and to endeavor to correct any illegal conduct that they encounter.
• Show mutual responsibility, providing immediate, respectful and significant aid to any member in need.
• Share responsibility for the proper functioning of the Israel diamond industry, to train and mentor new players and to guard the worldwide reputation of the industry.
• Commit to unqualified trust within the industry, to compete fairly and to refrain from spreading rumors or attacking other members on social media.
• Strive for excellence and professionalism in their business activities, to work together to develop and introduce new technologies into the industry.

The code was prepared by the bourse officials in conjunction with Prof. Asa Kasher of Tel Aviv University, noted Israeli philosopher and the author of codes of conduct of several of Israel’s major institutions. Work on the project had begun a couple of years ago under the then IDE President Shmuel Schnitzer. On behalf of IDE, the work was led by IDE Board Member Emma Yanover and Ethical Code Committee Chair Asher Dalumi.

IDE President Yoram Dvash said, “The introduction of the Ethical Code of Conduct to the Israel diamond industry is an important step in our pursuit of transparency and best business practices. It is indeed a great day for the bourse.”