IDE President Yoram Dvash spoke about the recent toughening of credit conditions by the Bank HaBenleumi, saying: "There is no possible reason that organizations working with the diamond sector should carry out such a step relating to submission of collateral."
The second edition of the Blue and White show, a trade fair for bourse members and buyers, which was held in a new format, took place on Tuesday with a festive opening in the trading hall of the exchange.
It was held in the presence of IDE President Yoram Dvash, Chairman of the IDE's Shows Committee Haim Volner, heads of the Israeli diamond industry's various bodies and many IDE members. For the first time, foreign buyers took part in the show, as well as Israeli buyers.
During the ceremony, Dvash awarded Ben-Zion Shasu (below) a certificate of recognition for his work for the bourse's members and their welfare and for bringing about the Blue and White show.
Dvash also spoke about the situation regarding bank credit, saying: "Some of you certainly are aware that recently we have been dealing with the management of the Bank HaBenleumi who, for reasons that are not justified and not clear, decided to unilaterally toughen the credit and collateral conditions for diamantaires. This move manifests itself in a range of ways and an unreasonable demand by the bank for diamond firms to put up real estate as collateral instead of the usual collateral.
"In our opinion this is a tough hit on diamantaires and we view this with the greatest seriousness. I can tell you with the greatest of authority that we are dealing with this issue with the greatest of determination and strength. We are in touch not only with the bank's management, but also with the Banking Supervisor and the Bank of Israel Governor.
"There is no possible reason that organizations working with the diamond sector should carry out such a step relating to the submission of collateral. And there is no reason in the world that small, medium and large firms should be hit in such a fatal way just because the bank unilaterally decided that it wants to change the rules of the game.
"We are doing everything possible to ensure that this does not happen, and I promise you that we will not let this simply become a fact."
