RAPAPORT... Polished diamond exports from LLD Diamonds dropped dramatically in 2009, but Lev Leviev’s company remained Israel’s top exporter, according to rankings published by the country’s Ministry of Industry, Trade and Labor. LLD Diamonds exported $241 million in 2009, down 42 percent from the $417 million it exported in 2008. Leviev’s diamond operations span the globe and run throughout the diamond pipeline. The company owns a jewelry factory in Moscow, a global retail chain and polishing facilities in Israel and Namibia, as well as a stake in a mine in Angola.
Israel’s total polished exports decreased 37 percent to $3.9 billion for the year. The leading 25 companies accounted for 40 percent of the total, which was nearly $1.6 billion. However, the list excluded figures from 11 companies that declined to publish their data, but who had combined exports worth $274 million.
Angola’s Diamond Sector Not Meeting Potential
Angola is realizing less than 50 percent of its diamond industry’s potential, Companiesandmarkets.com stated. Its report noted that state-owned miner ENDIAMA has 100 mines in Angola that are ready for exploration, but of the 61 operating concessions, only 14 are producing diamonds. Companiesandmarkets.com said that ENDIAMA is confident that there could be large-scale kimberlite deposits in the country. Companies that explore for diamonds in Angola must do so in partnership with ENDIAMA, with their ownership limited to 40 percent by law. Angola is looking to adopt a new mining code in 2010..
Zale CEO Steps Down
Troubled jeweler Zale Corporation announced a shake-up of its upper management that included the resignation of its chief executive officer (CEO) Neal Goldberg. Company president Theo Killion will replace Goldberg as interim CEO until a permanent replacement is found.
Two other executives resigned, effective immediately: chief stores officer William Acevedo and chief merchandising officer Mary Kwan.
Goldberg was the company’s sixth CEO in ten years and leaves after just two years. During his tenure, revenues continued their decline. Sales dropped by 15 percent to $494 million through November and December 2009.
Article from the Rapaport Magazine - February 2010. To subscribe click here.