Trade Mourns Death of Leo Schachter

RAPAPORT… Leo Schachter, whose famed international diamond company has borne his name for almost 70 years, died last Thursday at the age of 95.

Schachter launched Beck and Schachter Company on New York’s
47th Street in 1952, having learned the trade from his father, Max. The firm
became a De Beers sightholder in 1966, and expanded beyond the US to Israel,
Africa and the Far East.

It remained a family business, with many of Schachter’s five
daughters and five sons-in-law becoming involved. The company moved
its main sales and distributions to Tel Aviv in 1982, and in 1984 opened a
cutting factory in Botswana. In 2016, the firm — now simply called Leo
Schachter — joined Alrosa’s contract-sales program.

He was active in the Jewish community, and ardently supported Zionist causes, Jewish education, and charities, his company said in a statement. He cherished his relationships with three generations of offspring, and when asked how many grandchildren and
great-grandchildren he had, he would invariably reply, “Not enough!”

Schachter and his wife, Shirley, had a home in Jerusalem for many years, dividing their time between Israel and the US, as they had family members living in both countries, the statement noted.

“His rare combination of dignity, modesty and generosity
serves as an inspiration for his family and friends and as a guiding light for
the company that he founded and built,” the company added.

“[Schachter] looked you straight in the eye, didn’t say that
much, but quietly knew everything,” said Martin Rapaport, Chairman of the
Rapaport Group. “He was straight and his advice, soft-spoken, was honest and
good. He was generous with his wisdom. Someone you could look up to. I liked
him and he liked me. Leo’s passing
represents the end of a generation of great diamantaires.”

Schachter was an “icon of the diamond industry”
and a longtime member of the Diamond Manufacturers & Importers of America
(DMIA), added Ronnie VanderLinden, the DMIA’s president, in a statement.

Schachter died at his home in Lawrence, New York. He is survived by his wife, as well as his children, grandchildren
and great-grandchildren. His funeral took place
in Ra’anana, Israel, on Sunday.

This article was updated on May 13 to add further details.

Image: Leo Schachter. (Leo Schachter)