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124
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Business
The Diamond Business
Gets Rocked
the drop in sales to Japan, Hong
Kong, Thailand, South Korea and Sin- c
gapore.
The sharp devaluation of such cur-
rencies as the Korean won, the Indone-
sian rupiah and the Thai baht, have
sent the predominantly dollar-denomi-
nated prices of diamonds soaring. Once
widely in demand in these countries,
the precious stones are now less afford-
able.
Japan, on the other hand, while
spared from the worst of the currency
crisis, has been in the throes of a reces-
SHOSHANNA SOLOMON
sion for a number of years, thus
Special to The Jewish News
depressing demand for such luxury
items as jewelry and diamonds. Faced
p.m.
the
corridors
of
t 5:30
with the crisis, the industry is focusing
the Israel Diamond
on keeping afloat. Many involved are
Exchange, which were once
just waiting for the storm to abate,
teeming with buyers, sellers
while those who can afford it are look-
and middlemen, are eerily quiet, as are
ing to develop other markets. Some
the security gates where visitors wait-
have
launched new lines and intro-
ing to retrieve their IDs used to
duced
new technology to stay ahead
form long queues.
of competition. But most manufac-
"Once, during peak times,
turers are cutting down production,
you could wait a very long time
and the whole industry is
for the lifts, which would stop at
tightening its belt by
every floor to pick people up.
reducing the number of
Now, you can sometimes
employees and cutting
reach your destination
costs. Some have even ci/
without any stops at all,"
started renting out
said Rony Rosenthal, a
newly vacant office
diamond dealer for H.R.
space.
Diamonds. 'At 6:30 p.m.
Across the Pacific,
or even 7:p.m., dealers
American demand for
and manufacturers would
diamonds and jewelry has
still be working. Today, peo-
been
on the rise, but cus-
ple go home by 4 p.m."
tomers
there
are
pushing prices down
Once proudly self-described as
with
demands
for
longer-term and
Israel's leading exporter, an already
more
expensive
credit
deals. Only sell- c'\
beleaguered diamond industry must
ers who can meet those conditions
now deal with the severe blows it was
manage to compete.
dealt by the Asian currency crisis and
Despite the Asian crisis, the level of
the lingering depression in Japan.
debt
of the Israeli diamond industry to
To begin with, the industry has been
local
banks has remained a stable $1
struggling to meet the challenges of
billion.
increased hardware and cheap-labor
Industry heads said that the
supplies from Russia. Then came the
planned, long-awaited opening of a
Asian crisis, adding to these long-term
rough-diamond bourse in the Ramat
process dilemmas the special flavor of a
Gan exchange complex will also help,
sudden calamity.
the industry, by giving it direct access
Industry insiders and creditors, to be
to rough goods at lower costs. The offi-
sure, say they believe diamonds are for-
cial opening of the new bourse is timed
ever, and are bound to bounce back.
to coincide with the national jubilee
Diamantaires, they say, are known
celebrations.
for their flexibility and will surely know
The opening of the rough-diamond
how to soften the bottom-line impact
bourse will allow local manufacturers
of the crisis they are undergoing.
direct access to rough diamonds.
The drastic fall in Asian demand has
Manufacturers and dealers believe
generated additional damage, since
that
the steps they have taken will help `—\
some European clients who used to
give
the industry the breathing space
buy local diamonds did so in order to
necessary
for weathering the storm, and
use them for Asian-bound jewelry.
that
like
previous
crises survived by the
This dive is attributed mainly to
industry, this one, too, will eventually
Shoshana Solomon is a writer for the
end. ❑
Once proudly self-
described as Israel's
leading exporter, the
beleaguered diamond
industry is struggling to
cope with the Asian
currency crisis.
A
Jerusalem Post Foreign service.