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New in our office is the Diamond Industry Department. Mr. Zeev Naifeld has joined our team of professional advisors and specializes in all aspects of the diamond industry.

Mr. Naifeld, who made aliya a number of years ago, has been associated with all aspects of the diamond industry and manages the diamond department in our offices. He has provided services to diamond dealers since legislation was passed encompassing and initiating taxation requirements of the industry.

Our diamond department is geared to service any and all clients from the smallest file, accompanying the client in all aspects of the bureaucratic requirements in registration up to the fully organized and established firms, and are also offered taxation services by our taxation department under the supervision of the office owner/ manager, Mr. Dov Weinstein.

The bureaucratic requirements of the industry are relatively mild compared to other industries in Israel and all offices involved, cater for local Israelis as well as investors from abroad and are situated in the diamond complex in Ramat-Gan:

The Israel Diamond Exchange: The leading body regulating all aspects of the industry in Israel – macro and micro. Represents all members and dealers in local and international relations as well as the important aspect of being party to negotiations with the Taxation Authorities of the State of Israel.  (see below).

The Diamond Controller :  Offices of the Ministry of Industry, Trade and Labor is responsible for the main customs office in the complex, and is known as the "import – export room". All movement of merchandise, rough and polished pass through and is examined and recorded in this office. Registration and licensing of diamond merchants is managed  by this office.

Manufacturer's Association:  Representing all aspects of manufacture, including labor regulations and agreements.

Banks:  All the major banks have branches in the complex and are authorized to run the special banking accounts of licensed dealers in foreign currency.

Courier Services:  The main courier services in Israel have offices in the complex.

Finally – Taxation :  As mentioned above, the Diamond Exchange committee on taxation represents the industry in its negotiations with the Tax Authorities.
Taxation in the industry is basically regulated by agreement with the tax authorities taking into account the ups and downs of the economy in general and the industry in particular, providing for "fair" taxation.
As a result dealers are aware and advised of the taxation commitments enabling tax planning in advance.

Hot Tip:  We have been advised by the Taxation Authorities that the minimum taxable income for the 2008 tax year has been reduced to
NIS 135,000 (reduced from NIS 157,500) in consideration of the decline of business in the industry in the last quarter of the year.

Obviously the above is just a brief resume of the industry in Israel, and we would be pleased to meet with prospective clients.