The Israel Diamond Exchange
The Israel Diamond Exchange Ltd. is a private company uniting approximately 3100 members and companies engaged in all aspects of the diamond business: import and export of rough and polished diamonds, manufacturing, brokerage and so forth. The Diamond Exchange creates for its members a business environment that allows them to manage their affairs in maximum comfort and security.
The Diamond Exchange activities are conducted within the concept of “everything under one roof” which gives members access to everything they need within the complex, from professional and business services to social services and equipment, so that among the services that can be found in the buildings of the Diamond Exchange are: shipping and insurance companies, banks, a post office, a customs office, a synagogue, a place for Torah study (Beit Midrash), restaurants, shops, a gym, a doctor’s office and much more.
The Israel Diamond Exchange is the largest Diamond Exchange in the world and operates two large commercial halls (one for polished and one for rough diamonds), equipped with advanced and sophisticated technology, computer systems, internet and diamond weighing services.
In the technological section, located in the Rough Diamond Hall, members and companies of the Diamond Exchange have access, free of charge, to the most advanced technological services required for marketing diamonds, including state-of-the-art gemological equipment.
The Diamond Exchange sets and implements rules of trade and conduct for the diamond industry and also regulations for membership approval and dismissal. In the event of conduct violations and breaches of accepted commercial norms, the Diamond Exchange has its own arbitration and penalization institution and assists its members in settling business disputes via arbitration or mediation.
The Diamond Exchange draws its authority from the provisions of the Articles of Association. The Diamond Exchange institutions comprise: President, Directorate and Control Committee – elected by direct, secret and democratic elections; a professionally trained staff headed by the Managing Director; directorate committees; a panel of arbitrators and a disciplinary committee. In addition to its work on an internal level, the Diamond Exchange represents its members at various institutions in Israel – government ministries, Bank of Israel, commercial banks, chambers of commerce, tax authorities, etc.
The Diamond Exchange also represents its members before international organizations. The Diamond Exchange is a member of the World Federation of Diamond Bourses (WFDB), the World Diamond Council (WDC) which represents the diamond industry in the “Kimberley Process” Forum and the World Jewelry Confederation (CIBJO). The Israel Diamond Exchange plays a leading role in these international organizations.
The Diamond Exchange takes an active role in the business and professional development of the diamond branch in Israel and abroad, whether as an independent entity or in cooperation with the Israel Diamond Manufacturers’ Association and the Israel Diamond Institute. In this framework, the Diamond Exchange is partner to marketing and promoting the branch, finding new sources of supply for rough diamonds, fostering relationships with existing sources and participating in relevant legislative processes in Israel and abroad.
The Diamond Exchange complex covering approximately 80,000 square meters, houses more than a thousand private offices and extensive public areas. They are managed by a subsidiary company with a separate legal entity – the Israel Diamond Exchange Enterprises (1965) Ltd.