Israel’s Diamond Week is the best yet

September 5th, 2013 by Noam Flint

The U.S. and International Diamond Week recently wrapped up the action, and the general response is that it was a smashing success. Based out of Israel, the second annual trade show saw more than 1,200 people head to the event to buy and sell diamonds, and by the end it had become the busiest week on record for the Israel Diamond Exchange. Although the total sales did not meet the expectations set prior to the start of the trade show, it was still a major coup for many diamond fans.

Interest in diamonds is expanding

Part of the reason for the tremendous success of this year’s International Diamond Week is the growing interest in the precious gems. A key part of this growth stems from younger buyers, who are looking for statement pieces of jewelry or a trendy and unique pink diamond engagement rings as a way to stand out from the crowd.

The world is changing and fashion is changing, and the younger generation does not necessarily love the same jewelry as their parents do.

said Roberto Coin, chief executive officer of a diamond retailer.

Colored diamonds are certainly a part of this new wave of jewelry trends. With many high profile individuals and sellers around the world lauding the beauty and versatility of these gems, they are quickly becoming must-have pieces in countless collections.

Top-notch security

With so many people taking part in the happenings of the Diamond Week, security was tight. Hundreds of security workers were called in to protect the gems, especially following the high-profile theft of millions of dollars worth of diamonds in Cannes, France, earlier this summer.

“During the past year, our trade has experienced some daring, well-publicized robberies of diamonds and jewelry,” said Moti Besser, the general manager of the Israel Diamond Exchange. “Of course, at the IDE, with thousands of people in attendance and some $2 billion worth of goods out in the open in the IDE trading hall, we had nothing to worry about.”

Even with the fear of potential thefts, most buyers and sellers felt comfortable displaying the wares and making big purchases. In fact, many sellers reported positive sales figures, with the public attracted to larger stones and unique pieces like fancy colored diamonds. Those sellers whose sales were not as high as they had hoped still have a good outlook on the event, as it raised interest among many potential buyers.