The Gore community's mourning a well-respected businessman who died in a plane crash in Otago

Ivan van de Water died taking part in a flying event organised by the Aircraft Owners and Pilots Association near Lake Hawea, on Saturday.

Long-term friend, Don Grant, was injured in the crash.

Deputy Mayor Keith Hovell says van de Water was a significant figure in the community - and owned a main street jewellery store for nearly 40 years.

An investigation's under way.