The Diamond Industry in Israel Keeps on Growing
The Diamond District in Israel is located in Ramat Gan – which is on the border with Tel Aviv. Israel’s Diamond District is made up of a four building complex and what is known as the “Diamond Tower”. The largest diamond trading room in the world is located in the diamond tower.
The Diamond Industry is One of Israel’s Leading Industries
Israel is a major player in the global diamond industry for the production of cut diamonds for wholesale. The diamond industry in Israel adamantly guarantees that the diamonds they import and export are 100% naturally made and are active participants in the Kimberly Process Certification Scheme.
The Kimberly Process Certification Scheme (KPSC)
In 2010 Israel became the chair of the Kimberly Process Certification Scheme.
The UN established the KPCS in 2003. This certification scheme is designed to ensure that conflict diamonds, also known as blood diamonds don’t infiltrate the global rough diamond market. This ensures that people don’t buy diamonds that are used to financially support human rights violations or wars.
Although there is controversy around the success and credibility of the KPSC, it is the only active body that monitors the legality of diamonds being imported and exported.
History of the Diamond Industry in Israel
Diamond cutting has been a traditional Jewish vocation since the 15th century.
The Israeli diamond industry was established in the late 1930′s – before Israel was officially declared as a state. It started with a group of Dutch refugees who opened the first diamond polishing plant in the town of Petah Tikva.
By 1944 there were 33 diamond factories and a solid export business with USA, Canada and India with an estimated value of over £P 3,200,000.
The Diamond Industry in Israel Today
In 2011, Israel’s main polished export markets were the United States with 39% and Hong Kong with 26% percent. The Israeli Diamond Industry ended 2011 with a double-digit growth in exports and imports.
Despite a decrease in activity in the last quarter of 2011, there was a 23.5% increase in polished diamond exports, net polished imports increased by 35% and net rough imports were up 17.5%.
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