Advanced Search

Israeli Diamond Dealer Ady Legziel Closes

Jan 25, 2009 5:17 AM   By Avi Krawitz
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Diamond manufacturer and dealer Ady Legziel has joined the growing list of companies in the Israel Diamond Exchange (IDE) to close up shop. A Tel Aviv District Court has appointed a liquidator to oversee the company’s debt, which amounts to approximately $1.6 million.

Sources close to the company confirmed that Legziel owes the banks, mainly First International Bank of Israel (FIBI), $1.2 million and is in debt another $400,000 to traders in the bourse. FIBI requested that the court appoint a receiver to seize the assets of the company immediately.

The global  financial crisis turned worse in October and demand for polished diamonds in the U.S. slowed. Banks have tightened their credit conditions for the industry, and the IDE has called for more stringent disclosure of debt settlements between traders.

Tags: Banks, Israel, Israel Diamond Exchange
Similar Articles
Thessaloniki 150Gem Symposium to Feature Synthetics Debate
Jan 28, 2020
The Sixth Mediterranean Gemmological & Jewellery Conference will feature a roundtable debate on marketing lab-grown diamonds.The
BonhamsBonhams Expands Global Jewelry Team
Jan 20, 2020
Bonhams has hired Eleonora D’Ottavi in its latest effort to build up its global jewelry business.D’Ottavi will
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.