JNA Oct 2018

INSIGHT JNA | 22 | OCT 2018 B uoyed by an influx of government funding and support as well as international recognition of its expertise in large, valuable diamonds, the Israeli diamond industry is optimistic of prospects for sustainable business growth, according to Aviel Elia, the new managing director of the Israeli Diamond Institute Group of Companies (IDI). In an interview with JNA , he disclosed his strategy to bring the Israeli diamond industry to greater heights. Much of his optimism stems from the Israeli government’s five- year programme, from 2018, to bolster the country’s diamond sector. This, according to Elia, is the first time in around 20 years that the industry is getting a special aid package from the government. “Diamonds account for roughly 15 percent of Israeli exports, down from around 20 percent in 2015. The government is seeing the value of the sector to the economy and the country. The main target is sustainable growth for the industry. We want the big diamond companies to continue flourishing and the smaller players to have steady business,” Elia remarked. The financial support from the government and its creation of a special fund to help smaller companies address one of the sector’s major challenges in recent years – the withdrawal of credit for the Aviel Elia, managing director, Israel Diamond Institute The International Diamond Week in Israel offers a large quantity and variety of goods to buyers from around the world eyes sustainable growth ISRAEL Marketing, innovation and e-commerce are the top priorities of Aviel Elia, the new managing director of the Israel Diamond Institute Group of Companies, as the country’s diamond industry flourishes on the back of greater government support and international recognition of its prowess with large diamonds. By Olivia Quiniquini