Yoram Dvash, the President of the Israel Diamond Exchange (IDE) is calling for more credit to finance the diamond industry globally.
Dvash said the global diamond trade must work together to bring more financing to the diamond sector.
His comments come after a recent report that London-based Standard Chartered Bank, which has around 2 billion in exposure to the diamond industry, was requiring more loan protection from diamond trade customers.
The bank is demanding that diamond manufacturing clients take on payment insurance or provide 100% collateral.
Dvash said that the U.K. bank’s exposure to the diamond sector is less than 1% of its total business but it is still seeking additional security against possible problems in the future.
"This shows how tough the situation is for the diamond industry worldwide," he noted. “Since we depend on a steady supply of credit, we need to work twice as hard to find solutions,” said Dvash. He added that his aim was to persuade banking officials that "backing the diamond industry makes good business sense."