The Israel Diamond Institute Group of Companies (IDI) teamed up with the rough-diamond giant De Beers for Israel’s first ever "Diamond Town Hall Meeting" which is an open discussion inviting people from the Israeli’s diamond industry to ask questions and exchange views with the management of De Beers.

Hundreds of other Israeli diamantaires attended the event which was hosted by IDI Chairman Moti Ganz on June 18 along with De Beers Group Managing Director Gareth Penny and Diamond Trading Co. (DTC) Managing Director Varda Shine. "This is an industry that is highly adaptive and adept at finding new ways to succeed. Innovation is part of the DNA of our industry," Shine said in his opening remarks. The meeting was moderated by the industry expert Chaim Even-Zohar.

Penny too took part and in the presentation delivered by him he described the current economic situation as contributing to "extraordinary times, which require extraordinary action." He said the diamond industry has shown resilience over the past 120 years and even after recession the diamond industry has experienced an immediate resurgence. He also pointed out the outlook for the industry and said that there have been early signs of recovery given that there is an increased demand for rough. In the future he sees the upcoming holiday season would be great than the last year, but it might take until 2010 holiday season to reach its former levels.

During the question-and-answer session one issue arose was the DTC rough supplying for non-sight holders, to which Penny confirmed that De Beers is still committed to support the non-sight holders through Diamdel, a part of the De Beers Group.

"This meeting is an additional step in IDI's broad-based efforts to support and promote the Israeli diamond industry during this difficult time. The event testifies to the importance and vitality of Israel as a world-class diamond center. There is no doubt that this meeting offers an important opportunity to raise issues and to receive answers to the questions regarding pertinent issues facing the industry at this time," Ganz said.