The Israel Diamond Exchange (IDE) announced that it has finalized an unprecedented agreement with the Israeli Credit Insurance Company (ICIC), which will for the first time enable Israeli diamond exporters to receive credit insurance.
ICIC is the largest credit insurer in Israel. The agreement was initiated over a year ago by Israel Diamond Exchange president Shmuel Schnitzer, and IDE managing director Yair Cohen.
During the past year ICIC conducted an in-depth examination of the international diamond industry and created a framework to provide credit insurance to this branch.
Schnitzer said that up to now diamond exporters were able to insure diamond shipments but not credit risks of overseas clients. This exposed Israeli diamond exporters to clients defaulting on payments for goods they received.
