Shanghai Bourse Signs MoU with Israel Diamond Exchange for Polishing of Large Diamonds.

Shanghai Bourse Signs MoU with Israel Diamond Exchange for Polishing of Large Diamonds.

The Israel Diamond Exchange (IDE) and the Shanghai Diamond Exchange (SDE) have signed a Memorandum of Understanding to enhance cooperation, with the latter agreeing to send their large diamonds for polishing to a new manufacturing facility scheduled to open in January 2019 that is being set up by the IDE and Israel Diamond Institute (IDI) within the former’s premises.

The MoU was signed by IDE President Yoram Dvash and SDE President Li Qiang during the visit of a high-level delegation of SDE management and members to Israel.

Other areas of cooperation covered by the MoU include making available offices and spaces for trading, easing the way for members of each bourse to join the other, and allowing participation in courses given by each of the exchanges. The MOU also agreed that each side would help the other to develop its diamond industry with “the recognition of the importance of each side to the international diamond and jewelry industries and the mutual interest in cooperation.”

Both sides described the agreement as a rare case of “globalization in reverse”.

IDE and IDI are investing over $3 million in building a new plant for polishing large diamonds, which will include two polishing centers. They will together occupy 1,100 square meters and will employ about 150 polishers. The factory is expected to polish stones ranging in size from 5 to 10 carats and above.

IDE President Dvash said, “The establishment of our new polishing plant for large stones is part of the technological revolution we are implementing at IDE, which includes the launching of the largest online store in the world for selling diamonds. Technology is the way to lead the industry on a successful path to the future, especially in light of the recent challenges we have been facing.”

News Source: gjepc.org