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IDI Signs Memo of Understanding with Indian Diamond Industry

Relations between India and Israel where strengthened this week when the Israel Diamond Institute Group of Companies (IDI) announced Thursday that it had signed a Memorandum of Understanding (MOU) with the Gem and Jewelry Export Promotion Council of India (GJEPC).

The memorandum signals that both parties believe that stronger ties between them will result in stronger relations between the two industries.

The MOU calls for measures to safeguard joint interests within the diamond industry, the establishment of joint lobbying for the reduction of import taxes on loose diamonds, promoting the sales of diamond jewelry in respective local markets and creating a joint taskforce to examine the ways international bankruptcy has affected Israel and India.

"As two of the world's strongest diamond manufacturing and trading centers we share many areas of interests," said IDI Chairmen Moti Ganz. "The MOU will enable us to pursue collaborative efforts which will certainly have a positive impact on the diamond industries in both countries."

The IDI is a non-profit, public interest company, which represents all organizations and institutions involved in the Israeli diamond industry. The GJEPC is primarily involved in introducing the Indian gem and jewelry products to the international market and promotes their exports.