Ramat Gan: On the second day of the 7th International Diamond Week (IDWI), the Israel Diamond Exchange (IDE) officially launched its new innovation center Diamond Tech. The technological incubator, located within the IDE complex, will host and support diamond related start-ups in a variety of fields.

Through this initiative, IDE will promote new technologies that will bring added value to the diamond industry as well as to other sectors. CARATS.IO, the diamond based crypto-currency is the first company to move into the incubator. Among the start-ups being considered are projects dealing with robotics, lasers and other advanced technologies for diamond manufacturing, virtual reality for innovative marketing platforms and more.

At the dedication ceremony IDE President Yoram Dvash said, “This is something one can only dream about and we have been able to make it a reality. We are marrying the expertise and experience of the Israeli Diamond Industry with the originality and creativity of the Start-Up Nation. I believe that if the diamond industry wants to take off, this is the runway.”

IDI Chairman Boaz Moldawsky, who also chairs the Innovation Center, said, “We are choosing the start-ups with great care, aided by the best advisers. We are not investing in technologies, but in people. The location of the center within the eco-system of the diamond exchange is a huge advantage for both sides.”

Dr. Ami Appelbaum, the Chief Scientist of the Israel Ministry of Economy and the head of the Innovation Authority, praised the new endeavor and reiterated Minister of Economy Eli Cohen’s promise to provide financial support for the project. He said, “The Innovation Center can be a game changer for the industry, a real revolution. The technologies developed here can return a large part of the diamond manufacturing to Israel.”