The Israeli Diamond Industry Signs Memorandum of Understanding with Indian
Diamond Industry

- MOU Signed by the Israel Diamond Institute Group of Companies and the Gem and Jewellery Export Promotion Council of India

RAMAT GAN, Israel, Nov. 26 /CNW/ - The Israel Diamond Institute Group of Companies (IDI) announced today that a Memorandum of Understanding (MOU) has been signed with the Gem and Jewellery Export Promotion Council of India (GJEPC) for the establishment of areas of cooperation between the two parties. The MOU was signed at a ceremony in Mumbai today by IDI Managing Director Eli Avidar, and GJEPC Executive Director Sabyasachi Ray.

The MOU states that the two parties share the desire to promote positive relations between the two industries, and to enhance areas of cooperation between them, as well as to intensify the dialogue concerning issues of mutual interest via collaboration between the parties.

Moreover, the MOU states that the parties are convinced that cooperation and partnership between them will benefit the development of stronger relations between the two industries.

    
    The MOU calls for:

    -   An examination of joint interests to safeguard the industry;

    -   Establishment of joint lobbying activities for the reduction of
        import taxes on loose diamond in pertinent markets;

    -   Collective efforts to promote the sales of diamond jewelry in the
        local Indian and Israeli markets;

    -   Creating a joint taskforce to examine the issue of international
        bankruptcy and the ways in which it affects the parties.
    

IDI Chairman Moti Ganz said, "We are very pleased to have come to this agreement with the Gem and Jewellery Export Promotion Council. As two of the world's strongest diamond manufacturing and trading centers we share many areas of interest. The MOU will enable us to pursue collaborative efforts which will certainly have a positive impact on the diamond industries in both countries."

IDI Managing Director Eli Avidar said, "India represents one of our most important potential business partners, for manufacturing, trading and selling diamonds and diamond jewelry. The Israeli Diamond Industry today enjoys excellent relations with the Indian industry. There is potential for a dramatic growth in bilateral trade and cooperation between the two countries. With the signing of this MOU, we believe that our mutual benefits will increase exponentially." Avidar said that the new MOU is in keeping with of IDI's policy of actively expanding cooperative relations with major diamond manufacturing and commercial centers.

SOURCE THE ISRAEL DIAMOND INSTITUTE GROUP OF COMPANIES (IDI)

For further information: For further information: Sharon Gefen, Tel: +972-3-5442999, +972-54-4494494, E-mail: sharon@gefenltd.com, http://www.israelidiamond.co.il

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THE ISRAEL DIAMOND INSTITUTE GROUP OF COMPANIES (IDI)

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