IDE Board Approves Fifth Building Expansion Plan

The boards of Diamond Exchange Enterprises Ltd and the Israel Diamond Exchange (IDE) have approved Sunday the construction of a fifth building in the diamond exchange area. The new building will add 28,000 square meters to the crowded complex.

The IDE suffers from limited space and many companies wanting to expand their premises find it difficult and costly, subsequently, the new building was an issue at the last IDE elections.

“This is very significant news for the Israeli diamond industry,” said IDE President Avi Paz.

The 28-story building will be constructed across Jabotinsky Street from the exchange and, like the rest of the buildings in the complex, will be connected to the complex by an enclosed bridge.

This will be the fourth building owned by Diamond Exchange Enterprises. Only the Noam building is privately owned.

In the past it was suggested that the upper floors of the Diamond building, which is a general office space occupied by non-diamond companies, become part of the exchange. Paz told IDEX Online in an interview that he is against it, noting that the additional space should be owned by the IDE economic company Diamond Exchange Enterprises Ltd.

The upper floors are   believed to be owned by diamond giants Lev Leviev and Beny Steinmetz.