Israel Diamond Exchange to Expand

July 13, 2006

Israel Diamond Exchange to Expand

The Israel Diamond Exchange (IDE) Board of Directors has approved the building of a new tower, the fifth building in the exchange complex. The 28-story building will add approximately 28,000 square meters to the 80,000 square meters already occupied by the Exchange.

The fifth building will be built across the street from the existing buildings, and will be connected to the complex by an overhead pedestrian bridge. Many diamantaires from Israel and abroad have already expressed interest in buying offices in the new building. The IDE says the additional space will enable the development of the diamond industry in Israel, and will strengthen Israel's position as a leading world center for polished and rough diamond trading.

The current diamond exchange complex contains approximately 1,000 offices, as well as bank branches, a post office, customs office, shipping companies, restaurants, medical clinic, shops and a synagogue.

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