Date:14/11/2004 URL: http://www.thehindubusinessline.com/2004/11/14/stories/2004111401810100.htm

Back Israel's LLD Diamonds to set up shop here

Ambarish Mukherjee

New Delhi , Nov. 13

THE Jews who lost out in the battle for cornering maximum global volume of cut and polished diamonds to the Palanpuri Jains during the eighties and the nineties, thanks to the cheap and skilled artisans, who have migrated from all over the country to Gujarat and Maharashtra, are now all set to turn the tables.

To capitalise on the skilled and cheap labour in India, Israel's polished diamond exporter, LLD Diamonds Ltd, will set up a wholly-owned subsidiary in India.

According to the company's plan, it will start its operations with bulk import of rough diamonds and export of polished diamonds for the wholesale market. The company has received the Government clearances for starting trading activities.

Till the seventies, the Jews dominated global trade in cut and polished diamonds. It was only during the late seventies and the eighties that the Palanpuri Jains slowly started capturing higher volumes for polishing rough-cut diamonds because of cheap and highly skilled artisans in the country. Following this, India cornered a third of the global volume of cut and polished diamonds trade.

Informed sources said, eventually, the Israeli diamond manufacturer plans to make India a hub for its global export activities and would set up diamond processing units to polish diamonds and manufacture jewellery in the country to cater to the international market.

LLD Diamonds has been a key polished diamond exporter in Israel since 2001. In 2003, the company exported polished diamonds worth $570 million from Israel alone.

Founded in 1998, LLD Diamonds Ltd controls its own diamond mines and is a global leader in cutting, polishing and marketing of diamonds for fine jewellery. The company's control of diamond mines ensures an adequate supply of rough diamonds during global scarcities that results in improved margins.

The company has a strong international presence through LLD USA, LLC in New York and LLD (Asia) Ltd in Hong Kong and representative offices in Japan and Italy.