Former Chairman of the Israel Diamond Institute Group of Companies (IDI), Simcha Lustig passed away last night at the age of 71. Lustig has been recognised as a man of vision, an outstanding diamantaire and leader of the Israeli Diamond Industry. IDI Chairman and IsDMA President Moti Ganz said, “Simcha Lustig was a visionary and a leader. He believed in the industry and its people, and he was willing to invest great efforts in realising his vision. During his term as IDI Chairman he played a key role in strengthening the Israeli industry’s relations with the global diamond industry. His legacy will remain with us always.”

Lustig was active in public service to the Israeli Diamond Industry and served in many key positions in the Israel Diamond Exchange (IDE) and the Israel Diamond Manufacturers Association (IsDMA). From 1973 – 1992, he was a member of the Board of Directors of the Israel Diamond Exchange, reaching the position of Vice President and presiding in place of the President on many occasions. Mr. Lustig was also an active member of the Board of Directors of the Israel Diamond Manufacturers Association. In July 2008, Simcha Lustig was awarded the title “Dignitary of the Industry” by the Israel Diamond Manufacturers Association and in February 2008 he was conferred the Lifetime Achievement Award from the Israeli Diamond Industry, during the Third International Rough Diamond Conference. IDE President Avi Paz said “Simcha Lustig was a hero of Israel; he was a hero in battle, a hero in business and a hero in leadership.”

Lustig's career began in the diamond industry in 1958, when he joined the family business, which was one of the first diamond polishing plants in Israel. Later he founded his own company, Moshe Lustig Diamonds (Paldico 1942) Ltd. -- named after his late father -- and concentrated on Far Eastern markets. This company became one of the three largest exporters of polished diamonds from Israel. Amongst his major other business partnerships he held a partnership for 15 years with Marvin Samuels of Premier Gem Corporation of New York, called Lustig - Samuels Diamond Manufacturers, and has also been a DTC sightholder for many years.