State committee to review diamond industry
Industry, Trade and Labor Minister Shalom Simhon forms strategic committee to examine country's diamond industry, increase its activities, productivity
Industry, Trade and Labor Minister Shalom Simhon announced the formation of a strategic committee to study the Israel's diamond industry and work to increase its activities and productivity.
Simhon, who was accompanied by the ministry's Director-General Sharon Kedmi, said that the committee would strive to increase manufacturing and polishing activities in Israel and increase employment rates in the sector while fostering the sector's export potential.
Israel Diamond Exchange President Yair Sahar, Israel Diamond Manufacturers Association President Bumi Traub, Israeli Diamond Institute Chair Moti Gantz and the ministry's charge d'affaires for diamonds Shmuel Mordechai will also sit on the proposed committee.
The committee would analyze the industry's needs and discover ways to overcome hurdles with the help of the ministry and the government. First and foremost the committee will focus on ways to increase sectoral employment with an emphasis on integration with other sectors.
Moreover, it will discuss various aspects of the trade and production within the diamond industry, labor issues and the foundation of additional polishing manufactories in Israel and around the world.
During the visit Simhon said that the "State of Israel is in the midst of a battle with unemployment in the workforce… I believe that through cooperation between the Industry, Trade and Labor Ministry and exchange representatives, new jobs could be created in the country's diamond industry."
IDE President Yair Sahar said: "The joint committee … is a welcome and important step that would offer additional aid to the sector (and allow it) to take its rightful place as the leading and most significant sector in the Israeli economy, while increasing the sector's export potential. I thank the minister and the director general for their support and willingness to help bring the industry forward."
On their visit Samhon and Kadmi were presented with the exchange's and the sector's activities including export statistics – $10.7 billion in 2011 which is 23% of Israel's industrial export total. The leading polished diamond export destinations are the US with 39% and Hong Kong with 27%.
