Shmuel Schnitzer
| Shmuel Schnitzer | |
|---|---|
| Born | 1949 |
| Nationality | Israeli |
| Occupation | Diamond trader |
| Known for | President of the Israel Diamond Exchange |
Shmuel Schnitzer is an Israeli diamond trader. He was the sixth president of the Israel Diamond Exchange, from 1998 to 2005. Schnitzer served as the President of the World Federation of Diamond Bourses (WFDB) (2002–2006). After his terms in both these positions, he was awarded lifelong honorary presidencies. In 2006 he was granted a lifetime achievement award by the New York Diamond Exchange.
Schnitzer is Israeli and was born in 1949. His father, Moshe Schnitzer, started the family diamond production and export business, M. Schnitzer & Co. in Tel Aviv. Moshe was a Romanian immigrant to Israel. He became a co-founder of the Israel Diamond Exchange located in Ramat Gan in 1947. It was under Moshe's twenty six-year tenure (1967–1993) as IDE president that the Israeli Diamond Exchange grew into the world's largest diamond exchange. A plaza next to the IDE is named after him.
Shmuel was exposed to the diamond business between the ages of five and six, and was groomed by his father to enter the diamond trade. He served in the Israel Defense Forces from 1967 to 1970 as a member of the Engineering Corps. Schnitzer then earned a law degree from Hebrew University in Jerusalem and worked in the legal profession before joining the family diamond business in 1972.
Schnitzer became a member of the Israel Diamond Manufacturers Association executive committee in 1988. Schnitzer’s time as IDE president witnessed turbulent events in the global diamond industry such as the break-up of the De Beers syndicate and the rise of Indian competitors in the international diamond trade.
As president of the WFDB, Schnitzer oversaw the induction of Mumbai and Shanghai as new bourse members. Schnitzer also introduced the WFDB mark. The WFDB mark is a trademarked logo that certifies that sellers abide by the World Federation Code of Principles. It is only displayed by approved members of diamond exchanges with an affiliation to the WFDB. The mark is intended for the assurance of clients and suppliers and to promote transparency and integrity throughout the diamond industry.
Schnitzer is a co-founder of the World Diamond Council dedicated to eliminating the use of conflict or blood diamonds. Blood diamonds are illicit diamonds procured from war zones and used to fund conflict. The Council was a precursor to the Kimberley Process Certification Scheme agreement of 2003. The Kimberley Process is an industry-wide tracking agreement that certifies legitimate diamonds as not originating or being trafficked in conflict zones .
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