Israel Diamond Exchange president Avi Paz yesterday asked Minister of Industry, Trade and Labor Eli Yishai to intercede with the Ministry of Finance to include the diamond industry in the government's credit allocation plan. Paz is seeking a proportionate share of the credit for the diamond industry.
The diamond industry is struggling with a severe slump in sales and collapse of prices caused by the global crisis. Many diamond merchants are stuck with inventory and heavy debts due for repayment.
Paz said, "Inclusion of the diamond industry in the aid plan will greatly facilitate our dealings with the banks. It's important to bear in mind that the diamond industry is a critical support of Israel's exports, and it is important, precisely in these times, that the government should help the industry cope with the difficulties facing it and help it to recover."
Paz asked for aid from the Ministry of Industry, Trade and Labor funds for marketing and bringing foreign buyers to Israel.
In response, Yishai instructed Supervisor of Diamonds Shmuel Mordechai and other ministry officials to collaborate with the heads of the diamond industry to jointly formulate an aid package for the industry.
Yishai said, "It's very important to ensure that the Israeli diamond industry will continue to be number one in the world. I believe that our joint discussion will find creative solutions for the industry."
Published by Globes [online], Israel business news - www.globes-online.com - on January 6, 2009
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