Diamond Exchange founder Schnitzer dies at 86

As president of the Israel Diamond Exchange for nearly 30 years, Schnitzer helped boost polished diamond exports, which rose from $200m. in 1967 to $3.4b. in 1993.

moshe schnitzer 88 298 (photo credit: Courtesy )
moshe schnitzer 88 298
(photo credit: Courtesy )
Moshe Schnitzer, one of the founding fathers of the Israeli diamond industry who served as the president of the Israel Diamond Exchange and the World Federation of Diamond Bourses during his 65-year legacy in the business ,died over the weekend at the age of 86. Schnitzer, born in Romania in 1921, immigrated to Palestine in 1934 and entered the diamond industry at the age of 21. Just five years later Schnitzer emerged as one of the founding fathers of what became the Israel Diamond Exchange. As president of the Israel Diamond Exchange for nearly 30 years, Schnitzer helped boost polished diamond exports, which rose from $200 million in 1967 to $3.4 billion in 1993. He was a major proponent of the establishment and expansion of the four-building diamond exchange complex in Ramat Gan, which is today considered the largest in the world. In 2004, Schnitzer was awarded the Israel Prize for his life's work and contribution to Israeli society.