Israeli Exchange Negotiating Further Expansion

The Israeli Diamond Exchange (IDE) is currently negotiating to add the top ten floors of the Diamond Tower to the exchange. The floors were purchased by diamond magnates Lev Leviev and Beny Steinmetz from businessman Tzadik Bino for $45 million in August 2005 and are currently used as office space by non-diamond firms.

Following the announcement of approval for the construction of a fifth building in the exchange compound, IDE President Avi Paz has told IDEX Online that the exchange has formed a committee, headed by Yeuhda Sayag, to negotiate the addition of the top floors to the exchange.

Currently the lower floors of the Diamond Tower, which are owned by IDE’s Diamond Exchange Enterprises Ltd, are part of the IDE and occupied by diamond firms. Office space in the top floors is occupied by non-diamond firms.

The top floors are expected to be vacant by the end of 2007.

Additional space in the exchange is desperately needed. The recently approved fifth building will planed to add 28,000 square meters (301,400 sq ft) to the crowded complex.