Israeli company Zvi Or closes operations

The Israel Diamond Exchange (IDE) has seen the first signs of the current market slowdown affecting its industries, as the Israeli diamond manufacturer Zvi Or shut its operations post 30 years of being in the business. Zvi Or currently owes $3.5 million to its creditors. It also became overexposed in a failed real estate investment, as reported in the media.

The company employs around 100 workers, and has subcontracted production to further 60 workers around Israel. Its main businesses were to the United States and the Far East, through its offices in Israel, New York and Belgium.

The Israeli diamond industry is feeling the heat now ever more of the slowdown. The reduced commodity prices and not easy to get credit are influencing many companies to opt for re-looking at their operations and investments.