Diamond Industry Crisis: Exchange President Resigns

A dramatic shift in the leadership of the local diamond industry. About two years after his appointment, the President of the Diamond Exchange, Nissim Zuaretz, informed the board of directors of his decision to end his tenure and vacate his seat. The move comes against the backdrop of an ongoing industry-wide crisis and growing internal tension within the exchange's management.

During the meeting, Zuaretz explained the motives behind his decision:

"I informed the board of directors of my intention to resign from the presidency. To my great regret, I cannot continue in my role with the existing management. I gave 100 percent of myself for the sake of the exchange members, even when it harmed my health. Unfortunately, a small segment of the management acts out of ego and personal goals rather than for the benefit of the exchange, and I cannot afford to pay that price for the sake of our home."

Beyond his personal resignation, Zuaretz proposed a roadmap to stabilize the organization, calling for early and comprehensive elections:

"I suggested that for the good of the exchange, we hold new elections for both the president and the management simultaneously. We will decide on a date once we have selected an election committee and prepared everything necessary."

Zuaretz expressed his appreciation for the support he received and his willingness to assist in the future: "I will leave behind my vision for the future of the exchange. Some processes are nearing completion, while others are just beginning. I promise to help any president who is elected in any way I can. I also want to thank those management members who gave their time and helped achieve important things for the exchange."

Preparations are now underway at the exchange to establish an election committee that will determine the exact schedule for electing new leadership.