DAC Delegation Visits Israeli Diamond Center

A delegation of high-level officials in the Diamond Administration of China (DAC) and related agencies visited Israel this week to learn from the experience of Israel’s diamond industry and to seek cooperation and guidance in developing their diamond center in Shanghai. The group met with Udi Sheintal, the managing director of the Israel Diamond Manufacturers Association (IsDMA), Motti Besser, the managing director of the Israel Diamond Exchange (IDE), Shmuel Mordechai, the Israel Diamond Controller, Nissim Palomo, the Israel Diamond Institute’s (IDI) chief marketing officer and Sharon Gefen, IDI’s public relations director.

The Chinese delegation was headed by DAC’s assistant chairman, Zhang Bin, and included DAC’s deputy director, Ji Guang Yu, Pudong Customs Deputy Commissioner Wang Tiefeng, Pudong Customs Deputy Director Liu Feng, and Shanghai Taxation Bureau vice director Cao Lu.

During their visit, the Chinese group visited IDE’s trading hall, the largest in the world. They also toured the IDE Technology Center, the Harry Oppenheimer Diamond Museum and visited the IDI offices.

Delegation leader Zhang Bin said that the delegation decided to visit Israel because they had learned of the “outstanding performance” of the Israeli diamond industry. He noted that the purpose of the visit was, beyond seeing Israel, to learn how the local diamond industry functions, including the roles of the various players in the industry – the bourse, the manufacturers, the Diamond Controller, IDI and the banks. He said that the group was interested in learning about the management systems behind these institutions. Moreover, he said, they were looking to establish future cooperation with the Israeli industry in order to develop the Shanghai Diamond Exchange Center, the only diamond center in the country.

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