The Israel Diamond Exchange (IDE) has a new president after Nissim Zuaretz ran unopposed for the position.
Zuaretz, the founder and CEO of large-stone specialist DN Diamonds, will serve a three-year term starting immediately, he told Rapaport News Tuesday. Previous IDE president Boaz Moldawsky pulled out of the race, leaving Zuaretz as the only candidate.
The IDE confirmed Zuaretz’s election as its 11th president at a general meeting on Monday, according to a post on the bourse’s Hebrew Facebook page. The elections for other management positions are taking place on Tuesday.
Zuaretz aims to advance the bourse’s plans for a free zone, which would enable overseas companies to transact with local businesses without paying tax on profits, he explained. This would create jobs and trading activity for Israelis and help revive the country’s status as a location for rough sales, with the bourse’s International Tender Center (ITC) inactive for around three years, he added.
“Business all over the world is not the same [as it was],” Zuaretz said, noting that he aimed to lift the Israeli sector from what is currently one of the most difficult periods to date. “Everything can be just much better.”
Israel’s polished-diamond exports fell 29% year on year to $696.8 million — after returns — for the first four months of 2024, according to the country’s Ministry of Economy and Industry. For 2023 as a whole, polished exports dropped 25% to $2.91 billion.
Zuaretz will remain president of the Israel Diamond Manufacturers Association (ISDMA), where he is currently serving a second three-year term. In the past, he was also treasurer of the IDE and chairman of its security committee.
Image: Nissim Zuaretz. (Nissim Zuaretz)
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