Stability Reigns At IDI
April 04, 12
Emphasizing Israel’s strength and resilience, even during trying economic times, Eli Avidar, managing director of the Israel Diamond Institute (IDI) announced the centers latest strategic marketing campaign at the recent Baselworld tradeshow. Along with the current “Welcome to Israel” slogan, the IDI has now added the tagline, “where stability reigns.”
 Eli Avidar |
The announcement was made at the annual press lunch at the Baselworld show. Revealing the strategy, Avidar said, “We believe now is the ideal time to do business with the Israeli Diamond Industry – the one trading center that offers stability in a time of volatility and uncertainty.”
To reiterate this point, Avidar presented Israel’s results for 2011, during which polished diamond exports jumped to $7.2 billion; a figure that exceeded the pre-crisis peak year of 2007. “This,” he said, “demonstrates that Israel has emerged from the crisis, stronger and more resilient than ever.”
Another way of demonstrating the stability of the industry, he said, could be measured by examining the banking debt. While the other diamond centers operated under “the illusion of an expansive credit policy,” the Israeli diamond industry reduced its total debt to just $1.7 billion, down from more than $2.2 billion in 2006. “Obviously, the reduced bank credit creates challenges for us, but at the same time results in a stronger and more robust industry,” he contended.
Looking to the future, Avidar emphasized the continuing importance of the Far East to the Israeli industry.
He also turned his attention to the former Soviet Republic countries. He pointed out that these countries continue to maintain high import taxes on polished diamonds – to the detriment of the Israeli industry – among others. “This is the last major market which has yet to reduce taxes on diamonds. We firmly believe that the time has come for the diamond trade in these countries to be freed up.”