Simcha Lustig Passes Away

Israeli diamond trader Simcha Lustig passed away Monday, following a stroke. Lustig, whose family owned one of the first diamond polishing factories in Israel, was born in 1937 in Tel Aviv.

From 1973 to 1992 he served on the board of directors of the Israel Diamond Exchange (IDE), reaching the position of vice president and deputy. Lustig has served as an arbitrator in the judicial institutions of the IDE and serves as a civil arbitrator for the Israeli judicial system. He was also a member of the Presidium and the Board of Directors of the Israel Diamond Manufacturers Association.

In 1993 Lustig formed a partnership with Marvin Samuels of Premier Gem Corporation of New York, Lustig - Samuels Diamond Manufacturers, which specializes in the manufacture of large size diamonds for American and Far Eastern markets.

Ten years later, in 2003, Lustig was elected chairman of the Israel Diamond Institute (IDI), a position he held for three years. Upon his election Lustig said that he would emphasize expanding into new markets such as China and Eastern Europe, advancing Israel’s technological edge and encouraging the development of the local manufacturing sector. IDI's current presence in Hong Kong and China is an outcome of the vision.

In 2008, Lustig was recognized for his many contributions to Israel’s diamond industry, and received the Israel Diamond Industry Dignitary Award.