Representatives of the Israel Diamond Exchange (IDE) met with representatives of the State Bank of India (SBI) in Mumbai on November 10, 2005. IDE and SBI expressed their support towards the setting up of a branch of State Bank of India at the Diamond Exchange complex in Ramat-Gan.

IDE was represented in the meeting by Avi Paz, President; Meir Wertheim, Honorary Secretary and Yair Cohen, General Manager. SBI was represented by A.G.Kalmankar, Deputy Managing Director & Group Executive (Associates & Subsidiaries); Bharati Rao, Chief General Manager and Sunil Pant, Deputy General Manager of SBI (Non Resident Indians). According to Avi Paz, SBIs representatives emphasized that opening the branch in the Diamond Exchange complex is highly important to them due to the size of bilateral diamond trade between the two countries.%%Mr. Purwar, Chairman of SBI, who was a guest speaker at the opening ceremony of the WFDB Presidents meeting, announced that the Bank intends to open a branch in Israel. The plan to open the first branch of SBI in Israel was initiated during the visit of an official delegation of members of the board of IDE led by Vice President Jacob Kattan in December 2004.