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While it may not carry the name brand clich of its counterparts, such as Antwerp
and London, the Israeli Diamond Exchange is a highly reputable association of 2,500
members committed to bringing high quality diamonds to the retail market.
The unique history of the formation of the exchange is an integral part of its reputation.
Before WWII there was a high concentration of Jewish diamond cutters working in
Antwerp, Belgium. When the Germans took control of Belgium in the 1930s, the Antwerp
diamond market began to waver.
Armed with the knowledge that the British government had claimed part of Palestine
as a Jewish homeland, some of the displaced Jewish diamond cutters from Antwerp
sought refuge in the new territory. It was decided that the foundation of a diamond
exchange would be established and in 1940 sixty displaced Jewish diamond cutters
from Antwerp relocated to Natanya, Palestine.
During WWII, DeBeers, the world's largest distributor of uncut diamonds began supply
the area with melees which were cut by the newly relocated and highly skilled workers
in Natanya. They developed a system of cutting where the stones were passed down
an assembly line, with each worker specializing in one area of manufacturing.
The exchange's effective cutting techniques and prominence during the years of the
war insured that a good name was secured in the diamond industry. Natanya fell inside
the boundaries of Israel when it was declared a nation.
During the 1950s a number of smaller, independent diamond organizations that had
sprung up in the area converged to form what is now known as the Israeli Diamond
Exchange.
In the 1968 the collective exchange moved into its first building; a partner building
was erected across the street several years later. In 1998 a 20 story office building
was added, named Diamond Tower.
In May of 2006 the Israeli Diamond Exchange welcomed the addition of an advanced
technology wing. The first of its kind, the wing is housed with instruments that
allow its members to map, photograph and record their diamonds with complete accuracy.
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