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Diamond industry in Israel

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Title: Diamond industry in Israel  
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Subject: Economy of Israel, Israel, Israeli security forces, Science and technology in Israel, Politics of Israel
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Diamond industry in Israel

The Diamond industry in Israel is an important world player in producing cut diamonds for wholesale. In 2010, Israel became the chair of the Kimberley Process Certification Scheme.[1]

Contents

  • History 1
  • Current state 2
  • Trading infrastructure 3
  • Industry principles 4
  • See also 5
  • References 6

History

Since the fifteenth century, when an Antwerp Jewish diamond cutter Lodewyk van Berken invented the scaif, diamond cutting was one of traditional Jewish crafts. The Israeli diamond industry began in 1937, before the Declaration of the Establishment of the State of Israel, when the first diamond polishing plant was opened in Petah Tikva by refugee experts from the Netherlands.[2] In 1938 the 15% import duty on imported rough stones was removed. By 1944 the industry employed 3,300 workers in 33 factories, with £P.1,320,000 capital investment, entirely Jewish. The value of exports was over £P.3,200,000 mainly to the United States, Canada, and India; It was the largest value of any single commodity exported from Palestine that year.[3] Between 1944 and 1948 the industry suffered from the increasing lawlessness and in February 1948 closed down completely.[4] After a state was declared, the consumer economy was shifted to a war economy. This came at the height of a diamond crisis, as many war torn economies were struggling to re-establish. Since then, the industry has continued to grow, producing a world leader in the diamond industry.

Current state

In the beginning of the 21st century, Israel is one of the world's three major centers for polished diamonds, alongside Belgium and India. Israel's net polished diamond exports slid 22.8 percent in 2012 as polished diamond exports fell to $5.56 billion from $7.2 billion in 2011. Net exports of rough diamonds dropped 20.1 percent to $2.8 billion and net exports of polished diamonds slipped 24.9 percent to $4.3 billion, while net rough diamond imports dropped 12.9 percent to $3.8 billion. The United States is the largest market accounting for 36% of overall export market for polished diamonds while Hong Kong remains at second with 28 percent and Belgium at 8 percent coming in third.[5][6][7][8] Diamonds constitutes about 24% in total country export.[9]

In 2007 year, 12 percent of world diamonds (by their value) were polished in Israel.[10] In 2010 this number decreased to 9 percent.[11]

Trading infrastructure

The industry is located in the "Diamond District", located in Ramat Gan in the Tel Aviv District. The complex is made up of four buildings, interconnected with walkways. The entire trading operation takes place in this complex [12] The Diamond Tower in the district contains the world's largest diamond trading floor.

Israel's government funds an non-profit industry body, the Israel Diamond Institute, to represent organisations and institutions involved in Israel’s diamond industry.

Industry principles

The Israeli diamond industry guarantees all diamonds are 100% naturally made and participates in the Kimberley Process, a certification scheme whose goal is to ensure no blood diamonds enter the marketplace.[12]

See also

References

  1. ^ Miskin, Maayana (June 18, 2010). "Zimbabwe Diamond Activist Jailed before Israel Appearance".  
  2. ^ The Early 1900s by Shira Ami
  3. ^ 'A survey of Palestine'. Vol 1. Originally published 1946-47. ISBN 0-88728-211-3. Page 445.
  4. ^ Jewellery Business - Israel’s 2012 polished diamond exports decline ^
  5. ^ "Diamond Exports". Retrieved January 16, 2013. 
  6. ^ Israel 2012 diamond exports fall, may rebound if no more crises | Reuters
  7. ^ - Israel's Polished Diamond Exports -22% in 2012
  8. ^ Minerals Yearbook, 2008, V. 3, Area Reports, International, Africa and the Middle East - ISBN 9781411329652 page 48.1 The mineral Industry of Israel: "Israel's total exports amounted to $45.9 billion in 2007, of which diamonds accounted for 23.9%"
  9. ^ Minerals Yearbook, 2008, V. 3, Area Reports, International, Africa and the Middle East // USGS - ISBN 9781411329652 page 48.1 The mineral Industry of Israel: "In 2007 .. Israel accounted for 12% of the value of the world's polished diamond production"
  10. ^ Minerals Yearbook: Area Reports International Review 2010 Africa and the Middle East // USGS - ISBN 9781411331747 page 48.1 The mineral Industry of Israel: "In 2010, Israel accounted for 9% of the value of the wolr's polished diamond production"
  11. ^ a b Israel Diamond Industry Organizations
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