The Israel Diamond Institute (IDI) has begun to operate its first international representative office in the heart of the New York diamond district at 576 47th Street. The official opening will be in early October, in conjunction with the "Diamonds by JCK" trade show.
The mission of the new office is to expand trade in Israeli diamonds in US markets. It will guide and assist Israeli diamantaires, especially those who do not have their own US presence. In addition, the representation will seek to develop new markets for Israeli goods outside the major cities like New York, Miami and Los Angeles.
Assaf Katran has been appointed manager of marketing and business development for IDI's New York office.
IDI stated that although about one-half of all polished diamonds sold in the US are Israeli stones, there are still great opportunities for expansion. The US is the largest market for Israeli polished diamonds, accounting for about two-thirds of exports. In 2004, Israel's net polished exports to the US totaled $4.073 billion.
IDI is already planning its second representative office to be opened in Hong Kong, probably sometime in the first half of 2006. In addition, IDI is spearheading several other initiatives: an ambitious branding effort for the industry, a world-class gemological laboratory, ongoing technological efforts, and the makeover and expansion of its diamond museum in Ramat Gan.
Published by Globes [online], Israel business news - www.globes.co.il - on Sunday, July 31, 2005