Israel Shows Off $2 Billion in Precious Gems at Exhibition

The Israel Diamond Exchange hosted a four-day event this week, exhibiting $2 billion worth of diamonds and executing sales in the hundreds of millions of dollars.

More than 40 lots of diamonds and precious stones were sold for more than $1 million, and one auction sale fetched $168,000 for a pair of pear-shaped emeralds from Zambia, according to the Israel Diamond Institute.

Hundreds of companies from around the world attended the show, feeding the Diamond Exchange’s hopes to increase trading that already has a turnover of approximately $25 billion a year.

Reuven Kaufman, president of the Diamond Dealers Club, the largest trading center in the United States, told Reuters, that he thinks trading at the Israeli exchange will increase. "There is more confidence in America today. They feel America's coming back. I think because of that we'll see a good Christmas season," he said.