Young diamond merchant, Dan Gertler (26), signed a contract with the government of the Democratic Republic of Congo (formerly Zaire), to be the exclusive marketer for the country's diamonds, considered to be the clearest in the world. The contract is worth $800 million a year. In the framework of the contract, Gertler will market Congolese diamonds worldwide, including in Israel. Gertler is the grandson of the chairman of the Israel Diamond Institute and second president of the Israel Diamond Exchange, Moshe Schnitzer, and nephew of sitting Diamond Exchange president, Shmuel Schnitzer.
On signing the contract, the Congolese government cancelled all previous licenses to sell and export diamonds from its territory. The Congolese government emphasizes that the agreement will guarantee the country's good name, which is fighting the trade in conflict diamonds.
Associates of Gertler stated that he carried out the agreement on his own, and the Schnitzer family has no connection to the agreement. Gertler signed the contract through the company IDI, which he owns. IDI has branches in Israel, Belgium and India. Negotiations lasted six months. Gertler's associates also stated that he supports the marketing strategy of diamond syndicate De Beers, and that he plans to market Congolese diamonds in accordance with that strategy.
The contract stipulates that all diamonds marketed by Gertler will carry an authentic identification stamp of the Congolese government, and government certificate of origin. This is order to alleviate concerns that the diamonds are "blood diamonds"
Published by Israel's Business Arena on 2 August 2000