 Diamonds are very popular, especially in the United States. But did you know that one in every two diamonds sold in the U.S. comes from Israel? Well, it’s true. Despite it’s tiny size, Israel is one of the leading diamond trade centers in the world. Israel’s diamond industry, based at the Israel Diamond Exchange (IDE) in Ramat Gan, is a model that many countries seek to adapt when setting up their own diamond trade centers. According to Avi Paz, the President of the IDE: “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.” A new building in New York’s Diamond District will be built according to the Israeli model. Expected to be completed by 2011, the building is estimated to cost $750 million. Executives from Extell, the building firm, say the building will be called the International Gem Tower. The International Gem Tower will replace the hundreds of old and rundown buildings in the Diamond District on 47th Street between 5th and 6th Avenues in Manhattan. This will provide diamond retailers a safe working environment for trade. In the Israeli model, four buildings are connected using a system of bridges. In New York, that particular model will be combined into one 34-story building. “So basically the unique thing is: it is like a big city totally disconnected from anything else,” says Assaf Levin, the spokesperson for the IDE. “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.”
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