{"id":408,"date":"2009-12-07T12:34:54","date_gmt":"2009-12-07T17:34:54","guid":{"rendered":"http:\/\/www.25karats.com\/articles\/?p=408"},"modified":"2009-12-07T12:34:54","modified_gmt":"2009-12-07T17:34:54","slug":"manhattans-new-diamond-exchange-building","status":"publish","type":"post","link":"https:\/\/www.25karats.com\/articles\/manhattans-new-diamond-exchange-building\/","title":{"rendered":"Manhattan&#8217;s New Diamond Exchange Building"},"content":{"rendered":"<p>Do you know that one in every two <a href=\"http:\/\/www.25karats.com\/\">loose diamonds<\/a>\u00a0sold in the U.S. comes from Israel? Despite the size of the country, the Israel diamond industry is one of the world\u2019s centers for diamond cutting and polishing. The NYC diamond exchange now rivals Israel\u2019s thanks to some recently completed projects in it\u2019s Diamond District.<\/p>\n<figure id=\"attachment_412\" aria-describedby=\"caption-attachment-412\" style=\"width: 500px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-412\" title=\"ide\" src=\"http:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide1.jpg\" alt=\"Israel's Diamond Exchange\" width=\"500\" height=\"344\" srcset=\"https:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide1.jpg 500w, https:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide1-300x206.jpg 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption id=\"caption-attachment-412\" class=\"wp-caption-text\">Israel\\&#8217;s Diamond Exchange<\/figcaption><\/figure>\n<p>Israel\u2019s diamond industry, the leader in diamonds and security, is based at the Israel Diamond Exchange (IDE) in Ramat Gan. At 120 stories it\u2019s one of the biggest diamond exchange buildings in the world. The Israeli model that many countries seek to adapt when setting up their own diamond trade finally came to New York\u2019s diamond exchange in 2013 when The Gem Tower completed construction. Standing at, the tower was built in New York\u2019s Diamond District and provided a huge boost to the NYC diamond exchange market when it opened.<\/p>\n<p>Avi Paz, the President of the IDE, states: \u201cFrom 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.\u201d<\/p>\n<p>The Gem Tower has been giving diamond retailers a safe working environment for trade since its completion, replacing the hundreds of old and rundown buildings in the Diamond District on 47th Street between 5th and 6th Avenues in Manhattan, and is one of the more advanced diamond exchange buildings in the world.<\/p>\n<p>In the Israeli model, four buildings are connected using a system of bridges including a restaurant, the synagogue, a doctor and a barber but The Gem Tower combined it all into one 34-story building estimated to cost around $750 million. At almost 460 feet tall it\u2019s the second tallest building in New York\u2019s Diamond District but the tallest diamond exchange building in the United States.<\/p>\n<p>According to Assaf Levin, the spokesperson for the IDE: \u201cSo basically the unique thing is: it is like a big city totally disconnected from anything else. 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.\u201d<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-421\" title=\"ide-2\" src=\"http:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide-22.jpg\" alt=\"ide-2\" width=\"874\" height=\"582\" srcset=\"https:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide-22.jpg 874w, https:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide-22-300x200.jpg 300w, https:\/\/www.25karats.com\/articles\/wp-content\/uploads\/2009\/12\/ide-22-768x511.jpg 768w\" sizes=\"(max-width: 874px) 100vw, 874px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do you know that one in every two loose diamonds\u00a0sold in the U.S. comes from Israel? Despite the size of the country, the Israel diamond industry is one of the world\u2019s centers for diamond cutting and polishing. The NYC diamond exchange now rivals Israel\u2019s thanks to some recently completed projects in it\u2019s Diamond District. Israel\u2019s [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":40,"footnotes":""},"categories":[4],"tags":[167,175,197,319,327,328,331,355,395],"class_list":["post-408","post","type-post","status-publish","format-standard","hentry","category-diamond-jewelry","tag-diamond-dealers","tag-diamond-exchange","tag-diamond-retailers","tag-ide","tag-israel","tag-israels-diamond-district","tag-jewelers","tag-manhattan-diamond-jewelry","tag-new-yorks-diamond-district"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Manhattan&#039;s New Diamond Exchange Building - 25Karats Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.25karats.com\/articles\/manhattans-new-diamond-exchange-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan&#039;s New Diamond Exchange Building - 25Karats Blog\" \/>\n<meta property=\"og:description\" content=\"Do you know that one in every two loose diamonds\u00a0sold in the U.S. comes from Israel? Despite the size of the country, the Israel diamond industry is one of the world\u2019s centers for diamond cutting and polishing. The NYC diamond exchange now rivals Israel\u2019s thanks to some recently completed projects in it\u2019s Diamond District. 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