Israel Diamond Exchange
Encyclopedia
Tel Aviv
Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...
, is the world's largest diamond exchange. The exchange is a private company that incorporates about 2800 diamantaires members, which are engaged in diamond trading, cutting
Diamond cutting
Diamond cutting is the art, skill and, increasingly, science of changing a diamond from a rough stone into a faceted gem. Cutting diamond requires specialized knowledge, tools, equipment, and techniques because of its extreme difficulty....
, marketing, brokerage, import and export.
The exchange operates from a complex of four buildings in area known as the Diamond Exchange District
Diamond Exchange District
The Diamond Exchange District is a district of the Israeli city of Ramat Gan. Bordering the Ayalon Highway, the road dividing Ramat Gan and Tel Aviv, the district is home to Israel's diamond industry as well as being a major commercial center....
; the buildings are all connected by bridges creating one complex, which contains the world's largest diamond trading floor, 1000 office rooms, restaurants, banks, post and package delivery services.
History
The first diamond cuttingDiamond cutting
Diamond cutting is the art, skill and, increasingly, science of changing a diamond from a rough stone into a faceted gem. Cutting diamond requires specialized knowledge, tools, equipment, and techniques because of its extreme difficulty....
cutting facility in Israel was open in 1937, the industry grow over the next 30 years and by the 1960s a Trade association
Trade association
A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry...
was established, which later evolved into the Diamond Exchange.
From 1967 to 1993 Moshe Schnitzer
Moshe Schnitzer
Moshe Schnitzer was a Romanian immigrant to Israel who became a key player in the international diamond trade.From 1967 to 1993 he was President of the Israel Diamond Exchange , which became the world's largest diamond exchange....
was President of the IDE, which grew rapidly under his direction.
Exports on polished diamonds from Israel during this period increased from $200 million to $3.4 billion a year.
In 1968 the first building in the complex was opened, the 22 story Shimshon Tower, at the time one of the tallest buildings in Israel. During the 1980s the Maccabi Tower and Noam Tower were constructed and in 1992 the tallest building in the complex was opened, the 32 story Diamond Tower
Diamond Tower
The Diamond Tower is a skyscraper located in the city of Ramat Gan near Tel Aviv in Israel containing the world's largest diamond trading hall, accommodating up to 1,000 people. At 115 meters over 32 floors, the tower was the tallest building in Ramat Gan from 1989 until 2000, when it was surpassed...
.
Trading
For many years the supply of rough diamonds was dominated by the Diamond Trading CompanyDiamond Trading Company
The Diamond Trading Company is the rough diamond sales and distribution arm of the De Beers Family of Companies. The DTC sorts, values and sells approximately 75% of the world’s rough diamonds by value...
Sightholders, a selected group authorised bulk purchasers of rough diamonds (which includes also about 10 Israeli diamantaires, controlled by the De Beers Group, the single largest producer and purveyor of rough diamonds in the world. During the 1990s the stronghold of De Beers Group was weakened by diamond traders who engage directly with diamond producers in Russia and Africa.