In a stark admission of its current problems, the Israeli Diamond Exchange has been temporarily closed to new members. “We are accepting only close family of current members,” said bourse president Shmuel Schnitzer. “Many members have a tough time making a living. This is a very difficult time for the industry right now.”
Schnitzer added that Israel in particular has suffered, as security concerns have scared away buyers.
He noted the new member ban is just temporary until the industry regains its footing, and that it’s been invoked—and lifted—before.