Ramat Gan, Israel — July 1, 2013: Rio Tinto Diamonds, one of the world’s leading rough diamond producers, announced the firm will for the first time in its history, hold a viewing for one of its rough diamond auctions in Israel. The viewing will be held during the summer edition of the US & International Diamond Week in Israel, August 26-29, 2013.

“This is good news,” Yair Sahar, President of the Israel Diamond Exchange (IDE), who worked relentlessly to bring Rio Tinto’s rough tenders to Israel. “It comes on the heels of Rio Tinto’s announcement that it will retain its diamond mining business. We certainly hope this will be a first out of many future cooperative initiatives between Rio Tinto Diamonds and the Israeli diamond industry and trade.”

In a  media release the Rio Tinto company wrote that its “decision to conduct viewings in Israel is an endorsement of the strength of the Israel diamond market. Timed to coincide with the [US &] International Diamond Week in Israel, the viewings will provide an opportunity to see at first hand the Diavik production and Rio Tinto’s new auction platform.”

“Rough diamond buying and trading is a huge and ever growing segment of the diamond manufacturing and trading business in the Ramat Gan diamond exchange complex and on the IDE trading floor,” Sahar continued. “Seeking to created value adding services for its members, the IDE board and management is making tremendous efforts to help find and secure new, alternative sources for rough diamonds. The gem diamonds produced by Diavik are well suited to Israeli manufacturers and we are delighted to partner with Rio Tinto in this unique viewing opportunity.”

Sahar added that the rough diamond viewing was but one of a variety of rough and polished diamond tenders and auctions that would take place during the August edition of the US & International Diamond Week in Israel. “Stay tuned, we will announce these additional events very soon,” the IDE President promised.

Patrick Coppens, General Manager of Sales for Rio Tinto Diamonds, said: “This is a unique opportunity to engage with the Israeli diamond industry and in doing so increase the understanding, awareness and visibility of the unique Diavik production and Rio Tinto Diamonds’ sales processes in the Ramat Gan market.”

Diamond companies interested in participating in the Rio Tinto Diamonds auction and those who wish to schedule a viewing appointment in Ramat Gan can contact the company via email: auctionsales@riotinto.com

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01 July 2013

Rio Tinto has announced that rough diamonds from its Diavik mine in Canada will, for the first time, be available for viewing in Israel.

Whilst the majority of Rio Tinto’s diamond production continues to be sold in Antwerp through Supply Agreements with designated Select Diamantaires, Rio Tinto Diamonds offers specific product segments for sale to a wider community of invited companies. A proprietary auction mechanism is used for these “Invitation Sales”.

The decision to conduct viewings in Israel is an endorsement of the strength of the Israel diamond market. Timed to coincide with the Israel International Diamond Week in late August, the viewings will provide an opportunity to see at first hand the Diavik production and Rio Tinto’s new auction platform.

According to Patrick Coppens, General Manager of Sales for Rio Tinto Diamonds,
“This is an opportunity to engage with the Israeli diamond industry and in doing so increase the awareness and understanding of the Diavik production and Rio Tinto Diamonds’ sales processes in the Ramat-Gan market.”

Subsequent to the Israel viewings, regular viewings will continue in Antwerp with the auction scheduled to take place the second week of September.

According to Yair Sahar, President of the Israel Diamond Exchange,
“The gem diamonds produced by Diavik are well suited to Israeli manufacturers and we are delighted to partner with Rio Tinto in this unique viewing opportunity.”

About Rio Tinto Diamonds

Rio Tinto operates a fully integrated diamonds business from exploration through to sales and marketing. It is one of the world’s major diamond producers through its 100 per cent control of the Argyle mine in Australia, 60 per cent of the Diavik mine in Canada, 78 per cent interest in the Murowa mine in Zimbabwe and 100 per cent interest in the Bunder project in India.

Rio Tinto’s share of the production from its three operating diamond mines is sold through its sales and marketing office in Antwerp, with representative offices in Mumbai, Hong Kong and New York. It also operates a niche cutting and polishing factory in Perth for the rare pink diamonds from its Argyle mine. Rio Tinto is a leading supporter of the Kimberley Process, and the first mining company to be certified by the Responsible Jewellery Council. Website: www.riotintodiamonds.com

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borates, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America. Website: www.riotinto.com

About The Israel Diamond Exchange

The Israel Diamond Exchange (IDE) is the largest Diamond Exchange in the world, incorporating all relevant services (banks, insurance, customs, and shipping) “under one roof”. It operates two large commercial halls (one for polished and one for rough diamonds), serving its 3200 members and numerous companies engaged in all aspects of the diamond business: import and export of rough and polished diamonds, manufacturing, brokerage, with an annual turnover of $28B.

The Israel Diamond Exchange sets policy with regard to trade rules and operates a legal institution to settle disputes. It plays a leading role in the major industry organizations; the World Federation of Diamond Bourses (WFDB), The World Jewelry Confederation (CIBJO), and the World Diamond Council (WDC) since its formal inception in Israel; Israel was one of the first to comply with the Kimberley Process and as at of the end of this month Israel will hold the Chair of the WDC.

US & International Diamond Week in Israel

The US and International Diamond Week is a product of cooperation between two important diamond centers – The Israel Diamond Exchange and the Diamond Dealers Club of New York. The first such event in Israel took place in March 2013 and was a resounding success with 200 Israeli companies exhibiting, 240 buyers from abroad, a rich program of workshops, lectures, and auctions of exclusive diamonds. Among those addressing the event were Varda Shine, VP De Beers; Tom Moses of the GIA; Martin Rapaport; Chaim Even Zohar and a high level ex Israeli government minister.

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Ramat Gan, Israel — May 23, 2013: Yair Sahar, President of the Israel Diamond Exchange (IDE) and Alex Popov, President of Moscow Diamond Bourse (MDB), have agreed that MDB will organize a delegation of diamond buyers from Russia and CIS countries to take part in the August 26-29 US & International Diamond Week. The two exchange leaders resolved to work closely together toward this goal during their talks held during the recent CIBJO Congress in Tel Aviv. “Last March, a small delegation of MDB members participated in US & International Diamond Week (IDWI) at the Israel Diamond Exchange, and the participating buyers returned home with very positive reports,” Popov said. IDE President Sahar said he looked forward to welcoming a buyers’ group headed by Popov. “The MDB president is extremely well introduced in the market of the Russian Federation and the CIS countries and I am sure that he will bring a top quality delegation here,” Sahar said. “From our end, we will make every effort to make this trip a worthwhile experience for these buyers,” he noted. “The luxury market in Russia and the Russian Federation has great potential, especially because economic growth is now spreading beyond the largest cities in this huge geographical region. This means that there is a steady increase in the public’s purchasing power, also for luxury goods, including diamond jewelry,” Popov noted. “It is often forgotten that historically, Russia has a strong and deeply rooted appetite for jewelry. While in the large cities, the Western luxury brands have been doing very well, there is also a noted return to Russian-made designer jewelry. In other words, there is a lot of potential that can be turned into sales,” the MDB president concluded.

From left:  Alex Popov; Zvi  Amram, vice president of the Borsa D’Italia; and Yair Sahar at the annual congress of CIBJO – the World Jewellery Confederation, held earlier this month in Tel Aviv.

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Ramat Gan, Israel – March 18, 2013: Israel Diamond Exchange (IDE) President Yair Sahar and Diamond Dealers Club of New York President Reuven Kaufman performed an opening ceremony for the US/International Diamond Week today (March 18).

With in excess of 1,000 people – both foreign buyers and Israeli diamond company representatives – on the floor of the trading hall, Sahar welcomed Kaufman and the delegation of buyers from the United States.

“Reuven Kaufman has become a partner of mine in the way we are leading the diamond industry in Israel and New York,” said Sahar. “What started out as a sort of joke at a meeting in Dubai last October about how two presidents can create a win-win situation has become reality.

“What we are seeing is history. I believe we will have these events every year in Israel and New York, and possibly other countries as well.”

Sahar said the IDE was looking into the possibility of expanding on the success of the show due to the evident interest shown by Israeli and foreign diamond companies. One possibility is to hold the event in Israel twice a year, and even a joint US-Israel Diamond Week in China.

Meanwhile, Kaufman said that having traveled to many countries and given speeches across the world, he also prepared one for the opening ceremony at the Israel Diamond Exchange. “But when I got here and saw so many old friends, many of whom I did business with their fathers, I realized straight away that that I could not give a speech from a piece of paper. To family, you speak from the heart not from a piece of paper,” he said to a rousing reception.

“We started this idea of a trading week in New York last December and we are continuing it here. Just look around and see how successful it is. The goal is not just this week in Israel or a week in New York, but to work together to show the U.S. and Israeli flags around the world and show that the diamond industry is still strong.

In addition to the 65 overseas buyers who registered beforehand for the event, a further 91 have also registered as of Monday morning, making a total of 154 so far.

The Israeli companies are offering more than $1 billion of polished diamonds for sale.

The largest number of buyers is from the United States, while there are also buyers from United Kingdom, Belgium, South Africa, India, Hong Kong, Turkey, Japan, China, Spain, Canada, Russia and Switzerland.

The second day of the event was concluded by Rapaport Group publisher, Martin Rapaport, who gave a comprehensive review of the state of the global diamond markets, and how Israel and the United States can strengthen their positions.

He emphasized the growing demand in general for diamonds compared with the falling supply, and the increasing role of India and China as diamond consumers due to their expanding middle classes. Meanwhile, the United States and Europe were like “old people – they are well off and they already have diamonds, while Hong Kong and China and India are healthy and growing markets”.

He said the price of rough was higher than that of polished due to easy credit facilities in India, the phenomenon of round-tripping, and irresponsible banks financing rough purchases. He warned diamantaires not to become hooked on bank loans since it was clear that interest rates, particularly in Europe, will eventually start rising.

“Expect bank liquidity to tighten up; expect volatile demand and prices; and expect rough diamond prices to continue being manipulated,” he said. “Expect higher interest rates and tight money, don’t manufacture unprofitable rough, and support small businesses because they can bring about change, not large fat companies,” were his parting words.

A bustling IDE trading floor on the second day of the U.S. / International Diamond Week.  

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