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International Diamond Week Brings Hundreds of Buyers to Israel Diamond Exchange

Hundreds of buyers from around the world jammed the trading floor at the Israel Diamond Exchange to find the best gems during International Diamond Week in February. They were also introduced to the latest technological advances in the diamond industry.

“For years, the diamond industry was seen as archaic, working with dated technologies to treat the diamonds,” IDE President Shmuel Schnitzer told exhibitors. “But these times are long gone. The polishing process, as well as the manufacturing process and trade, are done using cutting-edge technologies that are constantly improving.”

Israel’s export of polished and rough diamonds totaled some $9.324 billion last year, up from $9.166 billion in 2013. Diamonds constitute 20 percent of Israel’s total industrial export.

Israel is not only a top diamond exporter but is also considered the most advanced in diamond polishing. Israeli technology is used in the international diamond industry’s cutting, bruting and automatic polishing machines, as well as computer-aided design systems, according to the Israeli Diamond Industry.

“The name of the game is to keep the qualitative edge. And we’re always one step ahead,” Israel Diamond Exchange Managing Director Moti Besser tells ISRAEL21c.

The International Diamond Week event attracted 400 buyers from 24 countries, including large delegations from the United States, Belgium and Turkey. There were also representatives from India, UK, China, Hong Kong, Taiwan, Thailand, Japan, Italy, Austria and South Africa, among others. (via Israel21c)

[Photo: IDE Israel Diamond Exchange / YouTube ]