For the first time since its establishment in 1937, the Israel Diamond Exchange (IDE) is experiencing a decline in membership. The Ramat Gan complex, which features four interconnected towers, currently has around 3,200 members. However, the number of new members joining the exchange is now being surpassed by those who retire or pass away, according to IDE President Nissim Zuaretz.
“In the industry’s prosperous years, we welcomed 200 new members annually. Last year, that number dropped to just 30,” Zuaretz told Ynet news. To counter this trend, the IDE has halved the cost of joining to attract new members. The downturn is attributed to the ongoing conflict in Gaza, reduced international flights, and a global recession, which have led to a 48 percent drop in diamond exports year-over-year as of July.
