What is a ‘diamond exchange’?
The Israel Diamond Exchange works together with all the diamond exchanges across the world. A diamond exchange is a non-profit organization that provides security, regulations and services that help diamond traders conduct their business. Also known as ‘bourse’s, diamond exchanges, can be found all over the world. This where the highest level of international diamond trade is conducted. Traders can become official members of a diamond exchange and that is to become official international diamond traders and dealers. Diamonds in exchanges come almost directly from the mines. From there they are traded and sold to wholesalers of jewelry stores, who will then sell the diamonds to consumers.
What is the Israel Diamond Exchange?
The Israeli Bourse is in the Tel Aviv district, in a neighborhood called Ramat Gan. It was founded in 1937 by Belgian immigrants. The Israel Diamond Exchange is the largest in the world and there are over 3,000 official members of the Exchange. It is one of the most secure complexes in Israel. Diamond traders encounter very low risk because of the regulations the Bourse implements. The complex is made up of four buildings that are interconnected by internal bridges. One of the bridges of the center is the international diamond trading hall. There are over 20,000 people who work in the Israel Diamond Exchange.
Is the diamond industry in Israel important?
Since before Israel’s independence, the diamond industry plays a huge part in the health of the Israeli economy. The diamond industry provided careers to the hundreds of thousands of immigrants after the second world war. It continues to be an expanding industry. Israel is famous for the quality of craftsmanship of Israeli diamond cutters. Diamond dealers all around the world send the most valuable diamonds to Israel to be cut and polished. 30% of Israel’s exports is diamonds, and over 80% of diamonds processed in Israel, are sent to America. Read more about the history of Israel and diamonds by clicking here.