The Israel Diamond Exchange (IDE) recently opened the Diamond Tech Innovation Center, which it described as “a technological incubator for Israeli and international diamond-related start-ups”. The IDE added that the Center will provide “a home and financial support for start-ups that are in the initial stages of development”.

With this, IDE hopes to take its rightful place in the "Start-Up Nation" – a term which gained popularity to define Israel, when a book of the same name,  on the country’s economy explored the reasons behind Israel  having the highest number of start-ups despite the various odds it has faced.

“Through this initiative, IDE plans to promote new technologies for diamonds in the broadest sense, reaching beyond gems and jewellery,” IDE explained. “This includes the use of diamonds in industrial platforms, robotics, semi-conductors, medical technologies, space technology, as well as software, finance, and B2B and B2C marketing platforms.”

Sarine, the acknowledged world leader for developing technologies for the diamond industry; and the Hennig Diamond group, which has an international investment arm specialising in diamond technologies, will be partnering IDE on this new project. The IDE also announced that the Technion-Israel Institute of Technology has signed on as a strategic partner for research and development. “The Innovation Center is currently applying for official recognition and support from the Israel Innovation Authority, which funds the establishment of new technological centres and start-ups,” IDE said.

"We made a strategic decision to establish Diamond Tech Innovation Center because we are convinced that the diamond industry must advance technologically,” said IDE President Yoram Dvash. “Since Israel is a world leader in technology – with over 1500 new start-ups established every year – we are in a perfect position to take the lead in this. We will harness the energy and creativity of the Start-Up Nation for the good of our industry. The Israel Diamond Exchange will invest all of its resources to ensure the success of these start-ups and their contribution to the diamond industry."

Sarine CEO David Block said, “As the global pioneer in diamond technology, Sarine is excited to be a part of this important new initiative that will be instrumental in advancing Israeli diamond-based technological solutions. As partners in this venture, Sarine is proud to support and nurture the next generation of innovators in the industry."

Hennig Israel CEO Arik Sela said: “Having been a significant participant in the diamond business for almost 130 years and consistently looking for new business opportunities, it was natural for Hennig to be a founding member of this new initiative.  We are convinced the diamond industry can benefit from new technologies and applications for diamonds and that this innovation center has the right ingredients to succeed.”

Ernest & Young Israel, which specialises in the establishment of technological incubators and the legal firm Amit, Pollak, Matalon & Co., which works extensively in pairing Israeli technology companies and international investment funds have been named advisors to the project, IDE revealed.