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Diamonds Are Forever
Israelis puzzle over the meteoric rise of Lev Leviev's businesses.
GALIT LIPKIS BECK SPECIAL TO THE JEWISH NEWS
T
he truth is that I miss
Antwerp. If not for my hus-
band's recent purchase of
Africa Israel, I would have
already returned home at the
start of the week," said Olga
Leviev, as she watched the last
in a series of photographers take
a picture of her husband Lev, in
their Bnei Brak villa.
But despite her longing for the
sophisticated European city, it
looks like the family will be
spending a lot of time in Israel.
In early November, Bank Leu-
mi approved the sale of a con-
trolling interest in Africa Israel
to diamond merchant Leviev.
The purchase of 46.58 percent of
Africa Israel's share capital and
some 54.2 percent of the voting
rights marks Mr. Leviev's major
entrance into the industrial, real
estate and tourism fields in Is-
rael. The diamantaire has so far
invested $189 million in the hold-
ing company.
During the last few months,
the Israeli business community
has nick-named Mr. Leviev the
"mystery man," a title he gained
not only because he is virtually
unknown in the capital market,
but because very few can com-
prehend how the 40-year-old
businessman managed to grow
from nothing into a multi-mil-
lionaire almost overnight — he
made his big money during the
last six years.
Sources in the Israeli banking
field and diamond industry es-
timate that the baby-faced mer-
chant, who also happens to be a
mohel, is worth close to $500 mil-
lion. The total sales of Mr.
Leviev's businesses, which em-
ploy more than 10,000 people
worldwide, reaches hundreds of
millions of dollars a year.
Although the attention made
him uncomfortable, the shy Mr.
Leviev held a series of interviews
with the Israeli press in an at-
tempt to put an end to all the tur-
moil surrounding his identity.
Lev Leviev was born in 1956
to one of the few orthodox fami-
lies in Tashkent in Uzbekistan.
In 1971, the family, which made
a fortune in textiles, immigrated
to Israel, and Mr. Leviev started
to study in a yeshiva. At the age
of 16, he left his studies and with-
out any previous knowledge or
connection to the diamond field,
found a job at a polishing plant
in Bnei Brak. Enthusiastic to
learn, he gained experience in all
of the diamond-processing stages.
"It was a field that I was
drawn too; I liked the glittering
diamonds," Mr. Leviev said. "If I
would have known how many
hardships there were, I would
have thought twice."
During his army service, Lev
Leviev met the 17-year-old Olga,
whom he married shortly before
his discharge from the army. To-
day, the couple have eight chil-
dren.
After army service, he estab-
lished a small Ramat Gan-based
diamond polishing plant, known
as Leviev International Dia-
monds. In 1986, the plant's ex-
ports totaled $25 million a year.
Last year that figure was $340
million.
In 1990, Mr. Leviev decided to
transfer management of the lo-
cal operation to his cousin, David
Elishav, while he "ventured into
the big world." Mr. Leviev and
his family then moved to
Antwerp, the heart of the Euro-
pean diamond industry.
Unlike many of his competi-
tors, Mr. Leviev pursued new av-
enues, such as establishing a
direct supply connection with
African mining countries in or-
der to circumvent the De Beers
DIAMONDS page 44'
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