Shmuel Schnitzer to Challenge Yair Sahar for Leadership of IDE

(IDEX Online News) – Honorary Israel Diamond Exchange (IDE) President Shmuel Schnitzer has announced he will be challenging IDE President Yair Sahar for the leadership of the bourse in elections scheduled for October 2.

Schnitzer said that reviving the domestic diamond manufacturing sector was top of his priorities. "There are things that need changing," he said. "Bringing back manufacturing to Israel is important, because there cannot be a diamond center without manufacturing."

Another critical issue, he said, is that of industry financing, since Israeli banks have provided a relatively small amount of credit to diamond firms, in the region of $1.5 billion.

"We need to work on the issue of financing for the industry which deserves to receive more given the responsible way it operates. If you look at all the problems that have taken place since the 2008 financial crisis, the Israeli diamond sector has behaved very well and should be entitled to a higher level of financing."

Schnitzer said another important target was to reach an agreement with the Income Tax authority since there had been "no real agreement since the start of last year". He said that in the past relations between the IDE and the Income Tax authority had been excellent. "For some reason, that is not the case now. I would work to reach an overall agreement."

Schnitzer is also calling for a limit on the number of new IDE members. There are currently 3,500 members and the new members "are creating too much competition".

Among other issues he would seek to promote are women members of the IDE's board of directors, and a revision to the IDE's arbitration system which has not been altered for a long time. And with the second US & International Diamond Week just a month away, he also said he would build on the buyers' week events.

"I have received many calls of support to run for the presidency," he said, adding that 2,000 people came to his media announcement. "It is the right time for me to come back after I took a time out. The current leadership is doing well, but we need some changes. I believe I have the ability and experience to improve the situation."

Schnitzer served as IDE president from 1998 to 2004.