The Israel Diamond Exchange (IDE) has elected Shai Schnitzer as its president, becoming the third generation of his family to head the bourse.
The bourse voted in Schnitzer, who succeeds Nissim Zuaretz, at a meeting on Wednesday, it said. He is the president of S. Schnitzer Diamonds and has over 25 years of experience in the industry.
The newly elected president serves as honorary consul of Lithuania in Israel and is a board member of the Israeli Consular Corps, as well as a director at a publicly traded real-estate company. Schnitzer previously held positions as a member of the IDE’s board of directors and served as chairman of the rough diamonds committee and the technology and innovation committee. He was also a board member of the Israel Diamond Manufacturers Association (IDMA).
Schnitzer’s grandfather, Moshe Schnitzer, cofounded the IDE in 1947, also serving as its president from 1967 to 1993. His father, Shmuel Schnitzer, held the position twice – from 1998 to 2005 and from 2013 to 2015.
“I assume this role with excitement and a profound sense of responsibility for the future of our industry – an industry that has been an integral part of my life and my family’s life for three generations,” said Shai Schnitzer.
He pointed to significant challenges for the diamond industry, stressing, “the work begins now.”
“My top priorities will include a campaign to abolish American tariffs, implementing the tax agreement and ensuring it is accessible to members, strengthening business activity within the exchange, and advancing practical solutions regarding building occupancy,” he continued.
The new leader will work to foster collaboration with the government, the banking sector, and partners in Israel and abroad, he said.
“I do not promise magic solutions,” he added. “I do, however, commit to serious, diligent work, active listening, and transparency, so that we may strengthen the industry and build a future within it for the next generation.”
Image: Shai Schnitzer. (Yonatan Blum)
