Full Breakdown
Shai Schnitzer’s Bid for Israeli Diamond Exchange Presidency Amid Tariff Pressures
By Drooid · · How we work
Candidate Profile and Election Context
Shai Schnitzer, a 47-year-old executive of S. Schnitzer Diamonds Ltd., announced his candidacy for president of the Israeli Diamond Exchange (Israeli Diamond Institute (IDI)). The election is scheduled for November 11. Schnitzer, the third generation of a family that founded the firm in the 1950s, has overseen its expansion into Japan, the Far East, the United States, and offices in Ramat Gan, New York and Hong Kong. He also serves as Lithuania’s honorary consul in Israel, a role he says helps him leverage diplomatic contacts to aid the diamond sector.
Industry Challenges: Tariffs and Market Shifts
Schnitzer identifies the 12.5 % U.S. import tariff on diamonds as a primary obstacle for Israeli exporters. He argues the duty raises costs for American consumers without protecting any domestic U.S. mining industry, since the United States does not produce diamonds. He also notes that rising interest rates since the COVID-19 pandemic have discouraged dealers from holding inventory, contributing to lower prices. Lab-grown diamonds have captured part of the market, but Schnitzer maintains that natural and synthetic stones are distinct products that must find a balance.
Export Figures and Economic Impact
According to the Diamond Controller’s Office, cumulative Israeli diamond exports from the start of 2026 through June 2026 totaled $2.4 billion, the lowest level recorded in the industry’s history. Schnitzer links this decline to the tariff regime and argues that resolving the duty could restore export volumes and attract new international businesses to the exchange.
Proposed Reforms and Broader Implications
If elected, Schnitzer plans to use his 13 years of experience at a publicly traded real-estate firm to advance the exchange’s development projects in Ramat Gan. By addressing the tariff issue through cooperation with Israeli authorities, U.S. trade groups, and American officials, he hopes to safeguard livelihoods within the Israeli diamond ecosystem and revive the country’s role in the U.S. market.