IDI opens an office in New York City

The Israel Diamond Institute has begun to operate its first international representative office – in the heart of the New York diamond district at 576 47th St. The official opening will be in early October, in conjunction with the Diamonds by JCK trade show.

The mission of the new office is to expand trade in Israeli diamonds in U.S. markets, IDI said. It will guide and assist Israeli diamantaires, especially those who do not have their own U.S. presence. In addition, the representation will seek to develop new markets for Israeli goods outside the major cities like New York, Miami and Los Angeles.

Assaf Katran has been appointed Manager of Marketing and Business Development for IDI’s New York office.

Sources at IDI said that although about one-half of all polished diamonds sold in the U.S. are Israeli stones, there are still great opportunities for expansion. The United States is the largest market for Israeli polished diamonds, accounting for about two-thirds of exports. In 2004, Israel’s net polished exports to the U.S. totaled more than $4 billion.

IDI also said it is planning to open its second office in Hong Kong during the first half of 2006. In addition, IDI is working on an industry-wide branding effort, a world-class gemological laboratory, and the makeover and expansion of its diamond museum.