One of the largest and most valuable rough diamonds mined in history has arrived at the Israel Diamond Exchange in Ramat Gan for polishing. The 813-carat diamond was unearthed by Canadian mining company Lucara Diamond in the Karowe mine in Botswana.
At a Sotheby’s auction the Lucara’s rough fetched a whopping $63 million when it went to Nemesis International, a rough diamond trading company created in 2015 and based in Dubai’s Multi Commodities Center. Nemesis then sold it to De Grisogono, the Swiss luxury jewelry company founded in 1993 by black diamond specialist Fawaz Gruosi.
Sources at the Israel Diamond Exchange say that processing the diamond involves supreme accuracy in order to avoid diminishing the diamond’s quality. The first part of the process, which uses laser cutting processing technology and will be executed by Israeli company Diamond Laser System, is considered the most advanced of its kind in the diamond industry. It is believed believe that the colossal diamond will be then used to create two polished diamonds of 325 and 100 carats each. The larger of the two is expected to be one of the world’s largest polished diamonds. The next stage, which is polishing, will take several days.
The Israeli diamond industry is a great contributor to the Israeli economy and constantly strives to improve its position in the global diamond sector, especially by attracting rough for polishing. According to Diamond Exchange president Yoram Dvas, bringing the diamond to Israel for polishing has prodigious importance for Israel’s functions and position in the global diamond industry: “Israel is a global technological center in the diamond industry, and we are also striving for activity of this type.”
The Israel Diamond Exchange located on the outskirts of central Tel Aviv, is known as the world’s most technologically-advanced and one of the largest diamond exchanges. In addition to providing an umbrella organization for the international trade of polished diamonds, the Exchange establishes policy regarding etiquette, trade rules, and the appropriate conduct of its members. It also executes legal decisions regarding fairness and the violation of its rules.
The Exchange occupies five interconnected high-rise office towers, comprises more than a thousand modern offices, and attracts over 6,000 global buyers daily who come to purchase diamonds to take back to their countries to be sold as individual stones, set in jewelry, or to be sold within specially-designed jewelry collections.