The Diamond Exchange held a special general meeting, during which a series of significant relaxations were approved in order to encourage the entry of new members into the industry. The initiative, led by the President of the Exchange Nissim Zuaretz, includes a reduction in membership fees, a cut in office-holder fees, and a dramatic 50% reduction in the guarantees required from new members.
The initiative was formulated by a special committee established to strengthen the human capital in the Exchange, which examined the existing barriers to the entry of new forces into the industry. Along with the financial relaxations, control mechanisms were also defined to maintain the quality of new members, including a requirement for recommendations from five different Exchange members.
"Injecting new blood and a youthful spirit is not only desirable—it's vital for the reality we are operating in today," said Zuaretz at the meeting. "The Exchange management established a special committee whose goal is to identify the barriers and examine how to open the door to new, high-quality, and committed players in the industry."
The amendments to the Exchange's regulations were approved at the special meeting in order to facilitate the entry of new members into the industry. "Our Exchange is strong thanks to the people who lead it," Zuaretz concluded. "Together, we will ensure that it continues to renew, grow, and succeed."