World's most valuable diamond being polished in Israel

Diamond Photo: Ramat Gan Diamond Exchange

Canadian mining company Lucara Diamond mined the 813-carat diamond in Botswana, and sold it for $63 million.

The world's largest rough diamond has been brought for polishing at the Israel Diamond Exchange (located in Ramat Gan). The Diamond Exchange says that the diamond is one of the largest in history.

Canadian mining company Lucara Diamond mined the 813-carat diamond in the Karowe mine in Botswana, and it was purchased by the prestigious De Grisogono jewelry company.

Preparations for processing the rough diamond are being made at the Diamond Exchange. The first part of the process, which involves cutting the diamond using laser and advanced technology, will be performed by Israeli company Diamond Laser System.

Diamond Exchange sources said today that processing the diamond requires maximum precision in order to avoid detracting from its quality. The processing technology, which utilizes laser cutting, is considered the most advanced of its kind in the diamond industry. The sources believe that the giant diamond will be used to create two polished diamonds of 325 and 100 carats. The larger of the two is likely to be one of the world's largest polished diamonds. Polishing work on the diamond will take several days.

Before reaching the Diamond Exchange, the raw diamond has already been through a number of hands. Before being bought by De Grisogono, it was sold at a Sotheby's auction to Dubai-based company Nemesis International for no less than $63 million. Nemesis then sold it to De Grisogono.

Diamond Exchange president Yoram Dvas said that bringing the diamond to Israel for polishing is of great significance for Israel's functions and status 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," he declared.

Published by Globes [online], Israel Business News - www.globes-online.com - on November 21, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Diamond Photo: Ramat Gan Diamond Exchange
Diamond Photo: Ramat Gan Diamond Exchange
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