The Israeli Diamond Industry inaugurated the new GIA (Gemological Institute of America) laboratory in Israel’s diamond center in Ramat Gan. Hosted by Moti Ganz, Chairman of the Israel Diamond Institute Group of Companies (IDI) and Avraham (Bumi) Traub, President of the Israel Diamond Manufacturers Association, the event featured as key speakers Foreign Minister and Deputy Prime Minister Avigdor Liberman and Donna Baker, GIA president and CEO.

The opening of the GIA facility comes after three years of discussion and planning led on the Israeli side by Moti Ganz, together with Bumi Traub, Elliot Tannenbaum, Senior Principal of the Leo Schachter Diamond Group and Udi Sheintal, IDI Managing Director.

At the event, which was attended by several hundred members of the industry, Foreign Minister Liberman said, “The establishment of the GIA laboratory here is a small step for your organization but a giant step for the Israeli Diamond Industry.” He added, “Israel is a world leader in diamonds, one of our principal industrial exports. The GIA lab will strengthen our economic relations with the United States, our largest market for polished diamonds and will be beneficial to both sides.”

GIA president and CEO Donna Baker said, “Opening a GIA grading laboratory Israel – one of the most important countries in the global diamond trade – is a proud achievement for GIA. Thank you for inviting us into your diamond community. We look forward to a long relationship that grows over time.”

She noted that the opening of the lab was thanks to the Israeli industry leadership, who worked tirelessly to ensure the success of the project. “With such dedicated and visionary advocates, and the support of the industry, there was never any doubt that once we began talking three years ago, that the GIA would bring services to the Israeli industry,” said Baker.

IDMA president Bumi Traub said, “We are making history today. These are complicated and challenging times for the global diamond industry. In such times there is a greater need to exercise leadership and to take concrete actions. We believe that the opening of the GIA lab today will be extremely beneficial, especially for the medium and small size diamond companies, which are the mainstay of our industry.”

IDI Chairman Moti Ganz noted that the GIA’s presence in Israel means real time and cost savings for local diamond companies. “By cutting down waiting time for GIA reports diamantaires will be able to turn over their goods faster and make more of a profit. We estimate that this will translate into savings of $30 - $50 million a year for the Israeli Diamond Industry.”

Ganz also said that he hoped that the GIA would develop educational programs in Israel and that preliminary talks had been held with Tel Aviv University. "GIA courses coupled with academic degrees in Israel will open up opportunities to a wider public. Having a GIA facility in Israel is of major significance to the Israeli Diamond Industry and advances our position as a global diamond trading hub,” he said.

The new facility, which will accept diamonds up to 2.99 carats for grading immediately, will provide on-site lab services, including GIA Diamond Grading Reports, Diamond Dossiers and related services. GIA, the world’s foremost gemological institution, maintains a presence in 16 cities around the world. The facility in Ramat Gan is the eighth GIA laboratory and the sixth outside the United States.