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(u-s:b /) Ramat Gan, Israel, July 30, 2003: The Israel Diamond Institut(IDI) has elected Simcha Lustig as its new Chairman of the Board. Simcha Lustig, a leading figure in the Israel diamond industry and a member of the IDI board for several years, was elected this week to replace Moshe Schnitzer, who held this position for three consecutive terms. The Israel Diamond Institute is a non-profit, public interest company which encompasses all of the organizations and institutions in Israel's diamond sector.

Simcha Lustig, whose family owned one of the first diamond
polishing factories in Israel, was born in 1937 in Tel Aviv.
Simcha, who was injured during his military service and confined
to a wheel chair, entered the family business in 1958 and in 1964 established his own company, which concentrated on Far Eastern
markets.

From 1973 to 1992 he served on the Board of Directors of the Israel Diamond Exchange, reaching the position of Vice President and Deputy, and presided in place of the President on many occasions. Lustig has served as an arbitrator in the judicial institutions of the Diamond Exchange, and serves as a civil arbitrator for the Israeli judicial system. Lustig is also a member of the Presidium and the Board of Directors of the Israel Diamond Manufacturers Association.

Ten years ago Lustig formed a partnership with Marvin Samuels of Premier Gem Corporation of New York, Lustig - Samuels Diamond Manufacturers, which specializes in the manufacture of large size diamonds for American and Far Eastern markets.

Upon assuming the chairmanship of IDI, Lustig said that he would emphasize expanding into new markets such as China and Eastern Europe, advancing Israel's technological edge and encouraging the development of the local manufacturing sector

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