Paz: The Time for Talk is Over, Now the Government Needs to Act
July 21, 09
The Israeli Government must back credit allocation to the local diamond industry, Israel Diamond Exchange President Avi Paz said at an economic conference.
“The diamond centers in Belgium and India receive tremendous government backing. The Israeli government must stop talking and act immediately to [ensure] government backed credit,” Paz said. The two centers, according to Paz, will be at a much better starting point when the economic crisis is over.
“Without the assistance of the country, we will not be able to maintain our leading position,” he warned. “So far we got mostly sympathy and good will, but that is not enough.”
Paz said the current crisis changed the way diamond sales are done, adding that the ability of the Israeli industry to reduce its debt from $2.5 billion to $1.6 billion in a very short period of time is an indication of its strength.
The Israeli industry is currently making business adjustments, he added, and is now slowly starting to see a return to activity.