The Israel Diamond Exchange (IDE) has become the first diamond bourse to initiate an ethical code of conduct.
The code, which took over two years to complete, requires IDE members to conduct their business interactions according to the principles of accountability, trust, fairness, integrity, expertise, tradition, industriousness, mutual responsibility and respect for others.
The ethical code of conduct was prepared in conjunction with Prof. Asa Kasher of Tel Aviv University, noted Israeli philosopher and the author of codes of conduct of several of Israel’s major institutions.
The effort was initiated during the term of IDE president Shmuel Schnitzer, led by IDE board member Emma Yanover and ethical code committee chair Asher Dalumi, one of the industry’s longstanding members and founder of Dalumi Diamonds.
IDE president Yoram Dvash comments: “The introduction of the Ethical Code of Conduct to the Israel diamond industry is an important step in our pursuit of transparency and best business practices. It is indeed a great day for the bourse.”
The ethical code of conduct comes on the heels of IDE’s announcement earlier this month that it was appointing a district court judge to rule on large arbitration cases and appeals, in order to increase transparency and objectivity in the arbitration process.
The code requires IDE members to abide by a series of guidelines, which include the following:
• Show respect in their business dealings for clients, colleagues, employees and suppliers, without regard to nationality, ethnicity, religion, color, gender or status.
• Comply with all legal regulations, to cooperate with government authorities and to endeavor to correct any illegal conduct that they encounter.
• Show mutual responsibility, providing immediate, respectful and significant aid to any member in need.
• Share responsibility for the proper functioning of the Israel diamond industry, to train and mentor new players and to guard the worldwide reputation of the industry.
• Commit to unqualified trust within the industry, to compete fairly and to refrain from spreading rumors or attacking other members on social media.
• Strive for excellence and professionalism in their business activities, to work together to develop and introduce new technologies into the industry.