In a significant departure from its 80-year tradition, the Israel Diamond Exchange (IDE) has announced that its hallowed Arbitration Institution will now be headed by a retired District Court judge, instead of a fellow bourse member.
Financial disputes between members totaling $400,000 and above, as well as appeals on smaller disputes, will be brought before the higher level of the Arbitration unit that will now be headed by a judge, while disputes up to that amount will continue to be arbitrated at the lower level by longstanding IDE members.
The decision was passed at the General Meeting of the IDE, which took place last week.
The Israel Diamond Exchange takes pride in its Arbitration Institution, which enables disputes between members to be settled swiftly and professionally, either through mediation or arbitration. Arbitrators are IDE members with many years of experience and impeccable reputations, who view this function as an important public service.
With this change, IDE hopes to raise the professional level of arbitration proceedings to an even higher level.
IDE president Yoram Dvash, comments: “This is an unprecedented decision that will increase the status of our Arbitration Institution in Israel and in the diamond world. It will contribute to greater transparency and objectivity and will strengthen the independence of the Arbitration Institution. I have no doubt that the civil courts will now attribute even greater authority to decisions of this institution.
“After having reached an historic agreement with the Israel Tax Authority, this is a further step in our efforts to strengthen the standing of the Israel Diamond Exchange vis a vis government authorities and the world diamond industry.”