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Diamond industry in Israel

Diamond industry in Israel

The Diamond industry in Israel is an important world player in producing cut diamonds for wholesale. In 2010, Israel became the chair of the Kimberley Process Certification Scheme. [1]

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 by refugee experts from Holland.[2] In 1938 the 15% import duty on imported rough stones was removed. By 1944 the industry employed 3,300 workers in 33 factories, with £P.1,320,000 capital investment, entirely Jewish.[3] The value of exports was over £P.3,200,000 mainly to the USA, Canada and India.

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 [4] 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 participates in the Kimberly Process, a certification scheme whose goal is to ensure no blood diamonds enter the marketplace.[5]

See also

References

Wikimedia Foundation. 2010.

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