by Do you know that one in every two loose diamonds sold in the U.S. comes from Israel? Despite the size of the country, the Israel diamond industry is one of the world’s centers for diamond cutting and polishing. The NYC diamond exchange now rivals Israel’s thanks to some recently completed projects in it’s Diamond District.
Israel’s diamond industry, the leader in diamonds and security, is based at the Israel Diamond Exchange (IDE) in Ramat Gan. At 120 stories it’s one of the biggest diamond exchange buildings in the world. The Israeli model that many countries seek to adapt when setting up their own diamond trade finally came to New York’s diamond exchange in 2013 when The Gem Tower completed construction. Standing at, the tower was built in New York’s Diamond District and provided a huge boost to the NYC diamond exchange market when it opened.
Avi Paz, the President of the IDE, states: “From India, from Turkey, and from other countries, people have come to learn from us how to organize secure compounds for diamond dealers. We teach them how to provide a commercial infrastructure for the diamond dealer from a security perspective and supporting services for the diamond dealers.”
The Gem Tower has been giving diamond retailers a safe working environment for trade since its completion, replacing the hundreds of old and rundown buildings in the Diamond District on 47th Street between 5th and 6th Avenues in Manhattan, and is one of the more advanced diamond exchange buildings in the world.
In the Israeli model, four buildings are connected using a system of bridges including a restaurant, the synagogue, a doctor and a barber but The Gem Tower combined it all into one 34-story building estimated to cost around $750 million. At almost 460 feet tall it’s the second tallest building in New York’s Diamond District but the tallest diamond exchange building in the United States.
According to Assaf Levin, the spokesperson for the IDE: “So basically the unique thing is: it is like a big city totally disconnected from anything else. When you walk into the Israeli exchange you have everything. There is an exchange floor for polished and rough diamonds, there are banks working with the diamond industry, tax offices: Everything a diamond dealer needs. There is no need to walk out for even a restaurant, the synagogue, a doctor or a barber.”
