Chinese diamantaires will now have their large diamonds polished in a new factory being built by the Israel Diamond Exchange (IDE) and Israel Diamond Institute (IDIIsrael).
The IDE president Yoram Dvash and Shanghai Diamond Exchange (SDE) president Li Qiang, signed the “historic agreement” in Ramat Gan, Israel. Representatives on both sides noted that it was a rare case of “globalisation in reverse”.
Dvash said: “This is a very unusual situation, whereby Chinese diamantaires will send their large diamonds to be polished in Israel. It is testimony to the well-known expertise of the Israeli polishers and the technological advances of the industry here.”
He added: “The establishment of our new polishing plant for large stones is part of the technological revolution we are implementing at IDE, which includes the launching of the largest online store in the world for selling diamonds. Technology is the way to lead the industry on a successful path to the future, especially in light of the recent challenges we have been facing.”