Israel is attempting to assist Liberia in overhauling its diamond industry. This marks another step in the slow rehabilitation of the West Africa country after the U.N. lifted sanctions that blocked diamond trade in this country.

Liberian President Ellen Johnson Sirleaf, Israel Diamond Institute Chairman Moti Ganz and Liberia`s minister for mines, Eugene Shannon, signed an agreement that stated that

Israel is ready to provide expert help to conduct a full-scale and in-depth survey of the diamond industry in Liberia.

While Israel does not produce diamonds, it is a world leader in polishing and trading the gems. According to the Diamond Institute, Israel has the world`s biggest diamond trading floor. $6.6 billion U.S. were reported to have been traded there in 2006.

The U.N. put sanctions on the Liberian diamond trade in 2001 after its president was said to use "blood diamonds" to wage a civil war in nearby Sierra Leone.