In ‘The Faces of the Industry,’ a recurring item in our newsletter, we bring an industry name to the spotlight, one at a time. This person has been nominated by the previous ‘Face of the Industry’ and will appoint the one for the next edition of the Antwerp Diamond Digest.
This time, we had the pleasure of interviewing Oded Shapiro, founder and CEO of Shapirogems, at the end of March. Shapiro is a seasoned expert in the gemstone and diamond industry with nearly four decades of experience. From sourcing stones across Asia to navigating the evolving diamond market in Antwerp, Oded shares insights on his global business, family ties, and the future of the trade.
To start, can you tell us a little bit more about your company and your role?
Oded Shapiro: I founded Shapiro Gems in 1990, and I specialize in gemstones—sapphires, rubies, emeralds, and other high-quality semi-precious stones—as well as diamonds. Most of my manufacturing takes place in the Far East, and I frequently travel to places like Bangkok, Myanmar, and Sri Lanka to purchase stones. I sell worldwide, mainly in Asia and America, though I also do some business in Europe. The tariffs make this a bit more difficult, of course, but we persevere.
You mentioned that you travel a lot. How often are you out of the office?
Oded: I try to keep my trips short. When I travel, I usually leave on a Sunday night and return before the weekend. I travel outside of Europe about six to seven times a year. For me, every business trip is different. I always try to balance business with pleasure—whether that’s a nice restaurant or exploring a new place. It’s important to make the experience enjoyable.
You work with both gemstones and diamonds. How would you say the balance is between the two?
Oded: It’s mostly gemstones. The diamond market has been struggling for the past four to five years, so I’ve been focusing more on gemstones. I still work with diamonds, but not on the scale of a large diamond dealer who moves millions in turnover.
How did you get into the diamond industry?
Oded: I actually came from Israel in 1983. Initially, I was just passing through Antwerp on my way back to Israel. I had come to visit an old army friend of mine—who is actually my dentist today! But while I was here, I met some Israeli diamantaires who offered me a job. I started as a secretary in the gemstone business and worked in that position for three to four years. Then, I partnered with a diamond dealer who helped me set up my own company. And from there, I built my business.
So you’ve been active in the industry for over 40 years now!
Oded: Yes! It’s been almost 40 years now. Maybe it’s time for a big celebration!
Your nephew, son, and daughter are all active in the industry. Do you still talk about business during family time?
Oded: My daughter works in a lab, while my son and nephew work with me in the business. We all meet for Friday night dinners, and yes, sometimes business comes up, but my wife does have a ‘no business talk at the dinner table’ rule.
Why do you choose to stay in Antwerp?
Oded: Well, I started my business here, I got married to a Belgian woman, and my children were born here—so it became home. But beyond that, Antwerp is centrally located, which makes it easy to travel for business. I can go to Paris and back in a day, which would be much harder from another city.
What are the biggest challenges in the industry today?
Oded: The biggest challenge is bringing back the diamond business to Antwerp. It’s been fading away—it’s not the same as it was 30 or 40 years ago. First, the banking system and regulations make it very difficult for new businesses. Second, the way the media portrays the industry—linking it to money laundering and crime—has damaged its reputation. And third, there are simply too many rules coming from the EU and Belgian government. Places like Dubai, Switzerland, and Luxembourg are making it easier for the diamond trade to move there. Belgium needs to invest in keeping the industry here in Antwerp.
How do you see the role of AWDC in all of this?
Oded: AWDC should be lobbying for better regulations. They need to ensure that the industry can still thrive within the legal framework without making it impossible to do business. For example, new diamond businesses struggle to even open a bank account in Belgium—that’s a major issue.
Do you think Antwerp’s diamond business will recover?
Oded: We may have hit the bottom, and things are starting to improve. Last Friday, I saw diamond prices go up for the first time in over a year and a half. If we can push back against synthetic diamonds and create the right conditions, Antwerp can thrive again.
Do you get a lot of questions about synthetic diamonds?
Oded: Yes, people ask, "Why should I buy a real diamond for 1,000 euros when I can get a synthetic one for 70 euros?" But it’s the same as comparing a real Rolex to a fake one. Some people are fine with a synthetic diamond, but if you care about authenticity, a real diamond has lasting value.
What advice would you give to someone starting in the industry?
Oded: Honesty. Your reputation takes years to build, but you can destroy it in a second. That’s the most important thing in this business.
What’s one of the craziest things you’ve ever done?
Oded: I’ve always dreamed of going to space, and one of my suppliers actually gifted me a spaceflight experience! I completed zero gravity training in Bordeaux, flew a jet, and did full spaceflight simulations—but then COVID-19 happened, and the actual flight was postponed.
What are your favorite places in Antwerp outside of the diamond district?
Oded: Museums! Especially the KMSKA. Also, restaurants: Belgium has amazing food. Danieli is one of my absolute favorites, but there are many great places.
Every guest gets to pick the next interviewee. Who do you nominate?
Oded: I would nominate my daughter, who runs a gemstone lab.
