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(330) 650.1660 KOSHER ALERT * KOSHER ALERT * KOSHER ALERT We regret to announce that the following companies are no longer under our supervision: RAMATARI FOODS Oak Park, Michigan GREEN VALLEY FOODS Toledo, Ohio WALLY'S KABOB HOUSE Madison Heights, MI MIDEAST BAKERY Windsor, Ontario 6/19 1998 124 METROPOLITAN KASEIRUTH COUNCIL Rabbi Jack Goldman, Administrator for further info, call (248) 855-4324 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.