The Israel Diamond Exchange (IDE) last night elected Yair Sahar, owner of Sahar-Atid Diamonds, to be its new president, the Israeli Diamond Institute announced.

He replaces Avi Paz, who completed six years in this position. Paz was made an honorary president of IDE.

“The Israeli diamond sector is one of the cornerstones of the Israeli economy. It is responsible for an annual turnover of $25 billion. I will do everything I can to advance the Israel Diamond Exchange and to guarantee that Israel remains a leading global diamond trading center. One of the aims of my presidency will be to return diamond manufacturing to Israel,” Sahar said in a statement.

Sahar-Atid is a sightholder of both the DTC and Harry Winston. The company was awarded “Outstanding Exporter of Israel” in 2009.