Israel Diamond Exchange Elects Third-Generation President

(IDEX Online) - Shai Schnitzer has been elected president of the Israel Diamond Exchange (IDE), continuing a family tradition that now spans three generations.

He follows in the footsteps of his father and grandfather, both of whom held the presidency. His grandfather, Moshe Schnitzer, was one of the founders of the exchange and served as its president from 1967to 1993.

His father, Shmuel Schnitzer, held the position from 1998 to 2004 and again from 2013 to 2015.

Shai Schnitzer, 47, is president of S. Schnitzer Diamonds, a family business based in Ramat Gan that was established in the 1950s by his grandfather. The company has offices in New York and Hong Kong.

He previously served on the exchange's board and presidium, chaired its rough-diamond committee and its technology and innovation committee, and was a director of the Israel Diamond Manufacturers Association. He was elected as IDE president on November 11.

He also stood for the exchange presidency in February 2021 but lost to Boaz Moldawsky. 

Schnitzer, who is also Lithuania's honorary consul in Israel, succeeds Nissim Zuaretz, who who resigned in July, before the end of his three-year term.

In a statement following his election, Schnitzer thanked exchange members for their support and said he intended to represent all members, including those who had voted against him.

"The work starts now," he said. "I do not promise magic solutions. I commit to serious work, listening and transparency."

He takes over at a difficult time for the Israeli diamond industry, with net polished exports falling 22.3% year over year to $625.7 million in the first half of 2026. Net rough exports dropped 34.6% to $191.2 million.

Schnitzer identified four immediate priorities: pressing for the removal of US tariffs on Israeli diamond exports, implementing a new tax agreement with the Israel Tax Authority and making it accessible to members, strengthening business activity at the exchange and finding practical solutions to low occupancy in its buildings.

The tax agreement, signed by the exchange and the Tax Authority in October, applies for 2027 and 2028. It allows participating diamond dealers to calculate taxable income using an agreed percentage of turnover and removes the previous minimum taxable income requirement.

Schnitzer said he planned to use his business and diplomatic connections to work with the government, banks and international partners to strengthen the industry and build a future for the next generation.

Pic shows Shai Schnitzer, newly elected president of the Israel Diamond Exchange.