The Israel Diamond Exchange has extended its condolences to the family of Michael Cohen, the first General Manager of the Exchange, who served from 1952 to 1978, who passed away recently at the age of 97.

During his tenure, Cohen played a key role in the establishment of the diamond exchange complex on a then virtually empty plot in Ramat Gan, which in time “became the Diamond District and is today fondly nicknamed 'Little Manhattan' due to its multiple high rises”.

"Michael Cohen was one of the last pioneers of Israel's diamond industry and trade," IDE President Shmuel Schnitzer recalled. "For more than a decade he worked alongside my father, Moshe Schnitzer, expanding and strengthening the exchange complex into the ultra-modern and most secure diamond trading center in the world," Schnitzer said. "Like many of this generation of industry giants, he continued to work in the industry, as a private lawyer, until well into his 80s. May his memory be blessed."

Cohen's son, Ehud (Udi) Cohen, said: "A lawyer by training, my father was present at the birth of the Israel Diamond Exchange as we know it today. He was instrumental not only in facilitating the transfer of the exchange from southern Tel Aviv to its current location in Ramat Gan, but also in its exponential growth. During his quarter century tenure as the IDE's general manager, he not only managed the bourse, but also the Israel Diamond Exchange Works, the exchange holding company that manages the entire diamond exchange complex."