Diamond industry in Israel
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The Diamond industry in Israel is an important world player in producing cut diamonds for wholesale.
Trading infrastructure
The industry is located in the "Diamond District", located in Ramat Gan in the Tel Aviv District. The complex is made up of four buildings, interconnected with walkways. The entire trading operation takes place in this complex [1]. The Diamond Tower in the district contains the world's largest diamond trading floor.
Industry principles
The Israeli diamond industry guarantees all diamonds are 100% naturally made and also participates in the Kimberly Process, a certification scheme whose goal is to ensure no blood diamonds enter the marketplace.[2]
History
Since the fifteenth century, when an Antwerp Jewish diamond cutter Lodewyk van Berken invented the scaif, diamond cutting was one of traditional Jewish crafts.
The Israeli diamond industry began in 1937, before the Declaration of the Establishment of the State of Israel, when the first diamond polishing plant was opened in Petah Tikva.[3] After a state was declared, the consumer economy was shifted to a war economy. This came at the height of a diamond crisis, as many war torn economies were struggling to re-establish. Since then, the industry has continued to grow, producing a world leader in the diamond industry.
References
- ^ Israel Diamond Industry Organizations
- ^ Business (Israeli Diamond Industry Institute)
- ^ The Early 1900s by Shira Ami