2003

Schnitzer Re-Elected As Head Of Israel Diamond Exchange

Mar. 2003

Shmuel Schnitzer was re-elected as President of the Israel Diamond Exchange for a third term. Schnitzer is also the president of the World Federation of Diamond Bourses. He follows in the footsteps of his father Moshe, a long-time Israeli bourse president.

After the election, Schnitzer said that Israel’s marketing and distributing costs have risen as a result of the world recession, and a decrease in visiting buyers due to the security situation in Israel. He said solutions were focused on several channels: Varying rough sources and finding way to get rough to smaller non-sightholders; using government aid to better suit the industry; and developing robots to reduce the cost of local manufacturing.

"We are committed to strengthening our relative advantage in the technological field," he said. "The combination of technological development with Israeli manpower will enable us to preserve and even increase our share of the market."

Looking ahead, Schnitzer said he believes that Israel’s exports will be the same as 2002. He said the end of the year should show a pronounced recovery, though a lot depends on the geopolitical situation, particularly the war in Iraq.