The Elazarov family, Lev Leviev’s in-laws, are longstanding members of the Israel Diamond Exchange.
Diamond company Elazarov is in financial trouble, with an estimated $39 million in debts, including $10 million to Lev Leviev. Elazarov is owned by Leviev’s in-laws.
The Elazarov family is a longstanding member of the Israel Diamond Exchange. Elazarov has rough diamond interests in Russia and produces polished diamonds.
Elazarov owes the $4 million to banks, and $35 million to other diamond merchants from whom it bought rough diamonds or to whom sold polished diamonds. Diamond Exchange sources believe that the company’s crisis will affect small and medium-sized diamond merchants.
Elazarov notified the Diamond Exchange today that it was having trouble meeting its obligations. The Diamond Exchange will establish a committee to formulate a creditors arrangement in the coming days, in order prevent Elazarov’s collapse. Elazarov has an estimated 250-300 creditors.
Published by Globes [online], Israel business news - www.globes.co.il - on July 18, 2005