The Israeli Precious Stones & Diamonds Exchange was founded in 1973 by a group of gemstone traders and quickly became the world's largest gemstone exchange. The exchange comprises approximately 250 members engaged in the trade of gemstones, diamonds, and other precious stones. It stands out as one of the few exchanges in the world that offers buyers the opportunity to find all the precious stones they seek under one roof, including a variety of diamonds. The president of the exchange since 2002 is Mr. Shlomo Eshed, serving his seventh consecutive term. Prior to his presidency, Eshed served as vice-president of the exchange and as a member of the board of directors. In 1990, together with his younger brother Ofer, he founded Gemerald, one of the leading gemstone production companies in Israel, specializing primarily in the production of emeralds and tanzanite.