Shay Schnitzer elected president of Israel Diamond Exchange
Shay Schnitzer, a third-generation diamantaire, was elected president of the Israel Diamond Exchange, succeeding Nissim Zuaretz. He takes office amid industry challenges including declining exports and U.S. tariffs.
Shai Schnitzer (47) was elected today (Wednesday) as president of the Ramat Gan Diamond Exchange, replacing Nissim Zuaretz. Schnitzer, president of S. Schnitzer Diamonds, is a third-generation diamond dealer: his father Shmuel Schnitzer served as president of the exchange for two terms, and his grandfather Moshe Schnitzer was one of the founders of the exchange and its president for many years. Schnitzer takes office during a challenging period for the industry, with declining exports and in the shadow of tariffs imposed by the United States. According to CBS data, diamond processing exports fell from $4.9 billion in 2024 to $3.6 billion in 2025, and in the first half of 2026 net polished diamond exports dropped another 22.3% to $626 million. Schnitzer stated that his priorities will include fighting to cancel the U.S. tariffs, implementing the new tax agreement with the Tax Authority for 2027–2028, strengthening business activity, and promoting solutions for building occupancy in the exchange complex. The agreement allows diamond dealers to set their taxable income in advance at 1.3% of turnover. Schnitzer said: "I don't promise magic solutions. I commit to serious work, listening, and transparency." He previously served as a director and president of the exchange, chairman of the rough committee, and chairman of the technology and innovation committee, and currently serves as honorary consul of Lithuania in Israel.