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IDE introduces changes to help the Israeli diamond industry
Is implementing the steps on a broader scale
By: Diamond World News Service
Dec 27 2008 4:49PM
Reference: 3390  


The Israel Diamond Exchange (IDE) is initiating various active measures to keep alive the business spirit in the time when the market slowdown is looming on the trade. The corrective measures have been noted in a notice posted throughout the exchange. IDE president Avi Paz has mentioned that the membership fee to the exchange will be reduced by 50 percent in the first six months of 2009, for those members in crisis. Also, the requisite maintenance fee will be reduced by about 10 percent for the entire next year.

IDE has also extended support by increasing its budget to assist those of its members who are entangled in legal claims against other members that prevent them from meeting their obligations. Also, the condition for companies to have sales permits reissued and payment requirements for conditional membership of the bourse have been eased. The Ramat Gan municipality has been asked to ease property tax requirements for bourse members, and the Israeli government has been approached with an appeal to include the diamond sector in its economic assistance package. Also the IDE and the Israel Diamond Manufacturers Association (IsDMA) had together made appeals to the Bank of Israel for better credit facilities, on which a decision is soon likely. On its part, the Bank of Israel has decided for 2009, that it would reduce the absorption of surplus liquidity, which it carries out through the issue of short-term bills and offer longer-term loans & deposits and continue its one-day and one-week loans, apart from other measures it has already implemented.

The steps taken by IDE are an outcome of the Israeli diamond trade feeling the heat of the meltdown, which recently made Zvi Or, a two decade old diamond jewellery manufacturer in the country to close shop with a $3.5 million debt and other companies being forced to return goods rather than hold them and wait for sales.

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