32°5′0.84″N34°48′8.51″E / 32.0835667°N 34.8023639°E /32.0835667; 34.8023639
Israel Diamond Exchange Ltd., located in theTel Aviv District city ofRamat Gan,Israel, is the world's largest diamond exchange and the centre ofIsrael's diamond industry. The exchange is a private company that incorporates about 3100 members; thesediamantaires are engaged indiamond cutting andtrading - marketing, brokerage, import and export.
The exchange operates from a complex of four buildings in area known as theDiamond Exchange District; the buildings are connected by bridges creating one complex, which contains the world's largest diamond trading floor; consisting of 1000 office rooms, restaurants, banks, post, and package delivery services.
The firstdiamond cutting facility was opened in 1937 (Mandatory Palestine at the time), in Petach Tikva by two cousinsAsher Anshel Daskal and Zvi Rosenberg professional diamantaires trained in Antwerp, originally from Romania during theBritish Mandate. The industry grew over the next seven years[citation needed], but between 1944 and 1948 it suffered from the increasing lawlessness and in February 1948 closed down completely, with seemingly little chance of recovery.[1]
After a new start and renewed growth, by the 1960s atrade association was established, which later evolved into the Diamond Exchange.[citation needed]
From 1967 to 1993Moshe Schnitzer was President of the IDE, which grew rapidly under his direction. Exports of polished diamonds from Israel during this period increased from $200 million to $3.4 billion a year.[2]
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-storyDiamond Tower.
For many years the supply of rough diamonds was dominated by theDiamond Trading CompanySightholders, a selected group authorised bulk purchasers of rough diamonds (which includes also about 10 Israelidiamantaires, controlled by theDe Beers Group, the single largest producer and purveyor of rough diamonds in the world[dubious –discuss].[3] During the 1990s the stronghold ofDe Beers Group was weakened by diamond traders who engage directly with diamond producers in Russia and Africa.[citation needed]
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