Israeli Diamond Industry Asks Government for Credit Backing
March 27, 11Bank loans of $1.7 billion are low compared to other centers. From left - Yair Sahar, Shmuel Schnitzer, Minister Simchon and IDE President Paz during the minister's visit at IDE. Photo: Fox |
Minister Shalom Simchon recently visited the Israeli Diamond Exchange and heard details about the Israeli diamond industry, estimated at $27 million annually (international and local trade) and its contribution to the Israeli economy.
IDE President Avi Paz and Israel Diamond Manufacturers Association President Moti Ganz told Simchon of the hardships the Israeli diamond industry is facing competing against other global centers, emphasizing the importance of government backed bank credit. According to Paz and Gang, Israeli bank financing of $1.7 billion is low compared to other centers such as India, which has some $7 billion in credit from Indian banks.
The Israeli diamond center is recovering from the global economic crash of 2008 at a slower rate than the Indian or Belgian centers.