The Israel Diamond Exchange  launched a  programme offering  young diamantaire’s  a special allocation of rough diamonds   in co-operation with Panford (Israel) Ltd on June 1, 2016.

The launch took place at Panford’s offices and was attended by IDE President Yoram Dvash and Deputy President Yehezkel Blum. On the occasion, a group of specially chosen young diamantaires, up to the age of 40, received their first rough allocations, the Exchange said in a press release. “Each received an envelope containing some 40 diamonds with an average weight of 3.27 ct,” IDE explained. “The total lot, consisting of two commercial boxes from De Beers mines, was valued at $2.250 million. A condition of the program is that all of the diamonds are to be manufactured in Israel.”

The programme,  conceived by  Dvash,  was first  announced in September 2014, when  he was  head of the IDE Industry Committee.   

Speaking at the launch event Dvash said: “Today we are realising an initiative which we have dreamed about for a long time – the sale of rough diamonds at convenient prices to young manufacturers, in parcels that they can finance. We came to an agreement with Panford to allocate suitable rough at good prices but we needed to wait to begin the program until rough prices stabilised.”

Panford (Israel) Ltd. General Manager Dudi Shiama commented:  “When Yoram Dvash proposed this initiative we readily agreed. We are trying to build a track that will create optimal conditions for new manufacturers.”

As a special gesture, Panford is providing 70 days credit  for the initial allotment. 

Pic Cap: IDE President Yoram Dvash (l) and Panford GM Dudi Shiama distribute allocations of rough diamonds to young manufacturers.