DIAMONDS page 43

12 MONTH
CERTIFICATE

5.75'

INTEREST RATE

diamond cartel, which supplies
about 80 percent of the world's
rough diamonds. He also took ad-
vantage of his Russian back-
ground to purchase directly from
Russian merchants in the former
Soviet Union.
`The objective was to get from
the raw material to the final
product, the jewel, without de-
pendence on traders," said Mr.
Leviev.
His willingness to venture
into new avenues quickly turned
LID into one of the largest dia-
mond firms worldwide.
LID owns mines in the former
Soviet Union and in several
African countries and has offices
in Belgium, Russia, South Africa
and New York.
Six months ago, he decided to

5.870

A.P.Y./*

60 MONTH
CERTIFICATE

6.00%
• 1 3%

INTEREST RATE

A.P.Y./*

a major problem, emphasizing
that it is much more complicat-
ed to succeed in the diamond sec-
tor.
"It is easier for a diamond
merchant to step into Africa Is-
rael's shoes than for someone
from Africa Israel to enter the
diamond field," he said. "Intelli-
gence and tactics are needed to
adapt to the changes in quality,
demand and opportunities in the
diamond field."
"For example, you have to con-
stantly keep track of marketing
opportunities in China, Japan,
and Russia. You always have to
be on top of things."
He does not give details of his
plans for the company. Associates
say this is not really surprising
considering that up until the pur-

These are fixed rate certificates of deposit that are insured by Federal Deposit
Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00
is required to obtain the stated Annual Percentage Yield.

F A
' LA 557 7
1 1R s

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D I . y rsurni
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* FederAI

BANK

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OPPORTUNITY

LENDER

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to Waco°

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CALL (810)338-7700 or (810)352-7700

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*Annual percentage yield when compounded quarterly. Rate is accurate as of 1/3/97. Penalty for early withdrawal from certificate accounts may be assessed.

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Everyone Else
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search for a long-term business
venture that would give him ac-
cess to several fields of activity
within a short period of time.
In June, Mr. Leviev failed in
a hostile takeover bid of invest-
ment firm Joel. His second op-
portunity came when Bank
Leumi decided to publish a ten-
der to sell its surplus shares in
its insurance, construction in-
dustry, hotels and tourism arm
as required by local banking
laws.
"I didn't want something as
narrow as diamonds," said Mr.
Leviev. "It took 60 years to es-
tablish Africa Israel. The pur-
chase has saved me time."
It will take a few months un-
til Bank Leumi and Mr. Leviev
complete all the paper work to
transfer Africa Israel's shares,
but already the business com-
munity has started to speculate
what changes may befall the real
estate company.
While Mr. Leviev has virtual-
ly no experience in Africa Israel's
field, he does not foresee this as

chase he never visited the com-
pany or met with senior
management.
"I have ideas for the company
that have to be examined," he
said.
"Today, taking everything I
know about the company into ac-
count, I am convinced that there
are still many things that I don't
know. We will consider invest-
ments in every field that has the
potential to make money, if it is
high-tech or industry."
He is aware of the slowdown
prevailing in the real estate and
tourism sectors but remains op-
timistic that the economy will
continue to grow and that Africa
Israel will remain profitable.
"If I did not believe in the econ-
omy and especially in the real es-
tate sector in Israel, I would not
have entered Africa Israel," he
said. "Maybe as some people ex-
pect, there will be a recession in
the economy, or a slowdown, but
I am optimistic." ❑

•
(c) Jerusalem Post 1996