Turn a crisis into a new opportunity
We’re
an industry that has
Always
overcome and emerged stronger
Yoram
Dvash, President, Israel Diamond Exchange and Acting President, World
Federation of Diamond Bourses inked a blog amid pandemic scenario. He inks, I
write to you direct from the Israel Diamond Exchange in Ramat Gan. Our huge
trading hall, which is usually teeming with activity, is now fairly empty
because of restrictions that allow only 100 people access at a time. Who would
have imagined a diamond exchange with no handshakes to seal transactions?
Almost
four months ago, when the coronavirus broke out, I found myself having to
manage the worst crisis the Israel Diamond Exchange has ever known. The challenge
was massive and I approached it with great apprehension – to safeguard the
health of the community, which includes more than 3,200 members and some 8,000
small and medium-sized business owners, and the health of the industry that is
so dear to us all.
In
2015, I was elected the 10th President of the Israel Diamond Exchange, and this
past April I was chosen as Acting President of the World Federation of Diamond
Bourses.
In
the past I had declined the WFDB position. But I accepted it this time, because
it is clear to me that now more than ever the industry needs leadership. I am
certain that there is an opportunity to lead the industry to new achievements,
to bring about greater cooperation between diamond exchanges around the world
and also to strengthen Israel as a vibrant and central trading center.
The
coronavirus crisis came at a time when the industry was already in crisis.
This, plus the deadly epidemic, has led to a decline in Israel’s domestic
export and trade turnover, estimated at the end of April to be $1.5 billion.
As
a result, we not only had to reinvent ourselves, but to turn a crisis into a
new opportunity. During the lockdown we found that there was a demand among
diamantaires in Israel and around the world for a new and transparent international
trading platform. The WFDB decided to act on behalf of the industry.
The
Get Diamonds platform was chosen and within a few short weeks the site amassed
1.3 million diamonds, with a total value of $ 5.7 billion, making it the
largest diamond trading platform in the world. The WFDB is continuing to
upgrade the site, improving the interface to enable diamantaires around the
world the best user experience possible.
At
the Israel Diamond Exchange, during the crisis we also decided to adopt
advanced technology as a way of life. We renewed our website and have switched
all of our services to online, with a 24/7 human chat.
And
while innovation is the name of the game, when it comes to the integrity of the
industry and the diamond, we not only cannot afford to let our guard down, but
we need to be more vigilant than ever. The ways in which we adapt to
coronavirus are likely to change the ways that we interact and trade with one
another, but we need to do so while maintaining the safeguards that protect our
industry, our clients, suppliers and stakeholders.
This
means incorporating at all time the precepts of the Kimberley Process
Certification Scheme and the WDC System of Warranties. We need to be flexible,
but there are areas in which we cannot compromise. The diamond industry entered
the crisis first and will be among the last industries to exit. As soon as the
flights stopped, people could no longer travel to buy goods and the work of
diamantaires simply stopped.
At
the Israeli bourse, as soon as we saw where the situation was going, we decided
to reduce the burden on our members by significantly cutting fees. We
distributed food before the Passover holiday to ensure that all members would
be able to celebrate the holiday properly.
We
also realized that many of our members were at an age that put them at risk, so
we mobilized dozens of volunteers from among our membership, who called all of
those 55 and older to see how they were, if they were experiencing difficulties
and whether the exchange could help. More than 2,000 such calls were made.
When
the Israeli bourse reopened, we announced stringent rules in keeping with the
regulations of the health authorities, setting up hand sanitizing stations
throughout the exchange, strictly enforcing regulations and moving all lectures
and meetings onto digital platforms.
In
recent weeks we have encountered a number of cases where people who spent time
at the bourse came down with the coronavirus. When we learn of such incidents,
we immediately disinfect all public areas and inform all members, so that those
who may have come in contact with the infected person can self-isolate. In
addition, we have established a special coronavirus hotline, which operates
24/7 to provide information and answer questions.
Despite
the sparkling image of the diamond industry, at the end of the day diamantaires
around the world are struggling, just like members of all other industries. The
work has almost completely stopped, and the source of livelihood has plummeted
by almost 75 percent. At the Israel Diamond Exchange our job is to help and to
find a way to advance the industry even in these difficult times.
My
involvement in the diamond industry goes back over 30 years, and I believe that
just as we have survived a whole variety of crises, we are an industry that has
always managed to overcome and to emerge even stronger. I believe that this
will be the same with this crisis as well.
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