L.I.D. Moving to India, Splitting Operations

Israeli Sightholder L.I.D. is closing its Israeli offices and moving to India. While relations between David Elyshaev and the Meirov family are good, the two will part ways.

The reason for the move, according to David Elyshaev, is to become more efficient, streamlining operations, and the high quality Indian workforce. “Indian workers are very loyal. You can trust them, they are accommodating and the quality of their work is high,” he told IDEX Online this morning.

According to sources, the final decision to move was made two weeks ago, following a long period of examination. The date for the move seems to coincide with the opening of the Indian plant. Some senior Ramat Gan employees will move to India where L.I.D.’s manufacturing plant is located and the rest have been laid off, with a termination date of December 31.

How business relations between the two parties will evolve is unclear. One source in the company told us they will continue to cooperate, with L.I.D. becoming the manufacturing arm and the Meirovs taking up polished marketing and sales.

However, another source said L.I.D. will keep its U.S. office while marketing its polished independently. 70 percent of L.I.D.’s polished diamonds are sold in the U.S.

L.I.D. will continue to receive the DTC Sight. While not appearing in the official Israeli top diamond exporters list published by the ministry of Industry, Trade and Labor (some companies ask to be excluded), it is estimated in the market that they are among the top five companies with annual exports of more than $200 million.

To accommodate the change, Elyshaev purchased a private plane that will allow him and the Israeli staff to return to Israel every weekend. “He wants to spend the weekends in Israel with his children,” a source says.

The L.I.D. Indian plant, located in Visakha Pattana, will polish diamonds and manufacture jewelry.

The Meirovs plan to open three regional marketing offices – in Antwerp, Ramat Gan and Los Angeles.