A Memorandum of Understanding (MoU) was recently signed between the Israel Diamond Institute Group of Companies (IDI) and the Gem and Jewellery Export Promotion Council of India (GJEPC), in Mumbai. The IDI Managing Director Eli Avidar, and GJEPC Executive Director Sabyasachi Ray, signed the formal agreement.

The MoU is directed at eliciting mutual cooperation in the gem and jewellery sector of both countries. The agreement states that both entities share the desire to promote positive relations between the two industries, to enhance cooperation, and to intensify dialogue on issues of mutual interest via collaboration between the parties. It also informs that both entities are convinced that cooperation and partnership between them will benefit the development of stronger relations between the two industries.

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.”

An outline of the MoU mentions: 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 Managing Director Eli Avidar said, “India represents one of our most important potential business partners, for manufacturing, trading and selling diamonds and diamond jewellery. 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 added: “We believe that the world economy requires a different approach at this time, and IDI supports partnership because we firmly believe that ‘Together Works.’” Avidar said that the new MOU is in keeping with IDI’s policy of actively expanding cooperative relations with major diamond manufacturing and commercial centers.