Israel Diamond Exchange (IDE) and Istanbul Chamber of Jewelry (IKO) have signed a Memorandum of Understanding (MoU) to increase cooperation between the organizations' respective diamond and jewelry industries, "on the basis of reciprocity and understanding of their respective members' needs."

The MoU was signed by Yoram Dvash, President, IDE and Norayr Isler, Chairman, IKO during the onoing International Diamond Week in Israel.

Under the agreement, the two organisations will cooperate on mutual activities, encourage their members to participate in the partners' respective industry shows and meet regularly to discuss mutual business opportunities, with an aim to reinforce the commercial relationship and to facilitate mutual trade between the industries in each country.

Dvash said, “We clearly share the desire to strengthen the relationship between the parties and increase commercial transactions between our mutual members,".

Eli Avidar, IDE's Managing Director described the MoU as “yet another step toward a closer and more comfortable relationship between the two industries - and the two countries”.

"Turkey is a gateway to the Near East and to lots of the countries in the Russian Federation that have fast growing economies and an enormous appetite for diamonds and diamond jewelry. Actual cooperation can lead to many a business opportunity for Israeli diamond dealers!" he added.

Pic caption: Norayr Isler (left) and Yoram Dvash at the signing