The Israel Diamond Exchange (IDE) is opening a technology incubator, providing both space and financial support for start-up companies in the diamond industry, the bourse said Monday.
Known as the Diamond Tech Innovation Center, the hub will enable the IDE to promote new technologies for diamonds beyond gems and jewelry, including their use in industry, robotics, semiconductors and other sectors. The facility will be on the IDE premises, though its launch date has yet to be announced.
“We made a strategic decision to establish the 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 1,500 new start-ups established every year — we are in a perfect position to take the lead in this.”
The bourse has partnered with Sarine Technologies, a provider of equipment to diamond manufacturers, and rough brokerage firm Hennig & Co., which has an investment arm specializing in diamond technology. The Technion — Israel Institute of Technology, a university in the Israeli city of Haifa, is also a strategic partner for research and development.
The project is applying for recognition and support from the Israel Innovation Authority, which funds start-ups and technological hubs.