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Israel Bourse Offers Two-Month Fee Discount

Management seeks to ease traders’ burden during virus crisis.
Mar 17, 2020 9:13 AM   By Rapaport News
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RAPAPORT... The Israel Diamond Exchange (IDE) has temporarily reduced fees for members due to the severe slowdown in trading resulting from the coronavirus outbreak.

IDE president Yoram Dvash announced a 50% discount on membership charges and a 33% drop in maintenance fees for March and April.

“We're talking about significant financial steps that add up to millions of shekels going straight into members’ pockets,” Dvash said in a video he posted on social media on Monday.

Trading has stopped and deliveries and orders have declined, he added. The bourse has shut its trading hall since Sunday and closed other facilities within the building due to the outbreak, though the exchange complex remains open. Dvash also asked people in high-risk demographic categories to stay away from the bourse.

Israel’s government has introduced strict curbs on social interaction to stem the spread of the pandemic. The country had recorded 304 cases of the virus and no deaths as of Tuesday morning, according to local media.

The nation’s diamond trade has suffered significantly because of a lack of orders from China and Hong Kong in the past two months. Israel’s global polished-diamond exports dropped 73% in February, according to data from the Ministry of Economy and Industry.

Earlier this month, Israel relaxed certain restrictions on international diamond trading to help the sector get through the crisis.

Image: The Israel Diamond Exchange during International Diamond Week in Israel in February 2018. (Three Photographers)
Tags: bourses, Coronavirus, diamond exchanges, exchanges, Hong Kong, IDE, Israel, Israel Diamond Exchange, membership fees, Ministry of Economy and Industry, Rapaport News, Yoram Dvash
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