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Lucapa to become a niche diamond company, says Wetherall

Lucapa Diamond believes that it will become the only company in the world with multiple diamond mining operations whose average diamond value is in excess of $1,000 per carat, once the Mothae mine is commissioned this year. Company chief executive and...

Today

Zimnisky: Diamonds lack fungibility to be a major investment product

Physical diamonds will never be a viable widespread investment product simply because they inherently lack fungibility, meaning they are all unique, according to Paul Zimnisky, an independent diamond industry analyst and consultant, who is based in New...

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Julien-Vincent Brunie: "Being surrounded by beauty and art is a privilege!"

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Diamond Exchanges promote healthy development of the diamond industry, besides safe and basic infrastructures for diamond trade

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22 january 2018

Israeli government to help diamond industry with credit guarantees

13 february 2018
A committee for examining credit and growth in the diamond sector chaired by General Naama Kaufman-Fass submitted recommendations recently to Minister of Economy and Industry Eli Cohen. The committee was founded at the request of the diamond traders, who complained that their ability to compete globally with countries such as India and Qatar had declined in recent years.
The recommendations include a special aid track for diamond traders in the framework of the fund for small and medium-sized businesses that will make it possible to provide diamond traders with NIS 1 billion in credit, financing for overseas conferences aimed at encouraging buyers to come to Israel, and state aid in founding a polishing facility for large stones.
The committee found that 70% of diamond sector businesses with turnovers of up to $3 million were suffering from a credit crunch that resulted mainly from their dependence on banks, which classify activity in the diamond sector as high-risk, among other things due to the lack of adequate collateral for credit.The committee examined the trends in this sector while formulating measures capable of removing barriers making it difficult for diamond traders to obtain credit.
Kaufman-Fass said, "Implementation of the committee's recommendations, together with activity by diamond sector leaders relating to the Prohibition on Money Laundering Law and the transition to full reporting to the Israel Tax Authority, will help push the sector forward in every aspect, in both credit, and in the commercial aspect."
Eli Cohen said,"These measures are designed to provide new tools and address the diamond traders' challenges while easing the regulatory burden. This will lead to growth in production and exports."

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished

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