Israel Diamond Exchange facts for kids
Israel Diamond Exchange Ltd., located in Ramat Gan, near Tel Aviv, Israel, 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, marketing, brokerage, import and export.
The exchange operates from a complex of four buildings in area known as the Diamond 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 first diamond cutting facility in Israel was opened in 1937, the industry grew over the next 30 years and by the 1960s a trade association was established, which later evolved into the Diamond Exchange.
From 1967 to 1993 Moshe Schnitzer 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.
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Israel Diamond Exchange Facts for Kids. Kiddle Encyclopedia.