The Israel Diamond Exchange (IDE) recently held elections for president and the board, re-electing Shmuel Schnitzer as President. He will replace Yair Sahar, owner of Sahar-Atid, who completed one two-year term. Schnitzer was elected in a secret ballot by the 3,000 members of the exchange and won the elections receiving 57 percent votes while Sahar received 41 percent.

Schnitzer had previously served as IDE president between 1998 and 2004.

The elections for the president and the board of the exchange are held every two years.

Shmuel Schnitzer is an Honorary President of the Israel Diamond Exchange as well as of the World Federation of Diamond Bourses, which he headed from 2002 to 2006. He is also Vice Chairman of the World Diamond Council. A lawyer by profession, in 1972 he joined the family business, M. Schnitzer & Co., established by his father Moshe Schnitzer, who served as president of the Israel Diamond Exchange from 1967 – 1993. Today, Shmuel Schnitzer heads S. Schnitzer Diamonds Ltd., and is a member of the boards of the Israel Diamond Manufacturers Association and the Israel Diamond Institute, and a member of the advisory committee of the Shanghai Diamond Exchange, which he helped to found. Outgoing President Yair Sahar congratulated Schnitzer on his election and wished him success.