An intriguing visit with the CEO of E.F.D. Diamonds Ltd. lends insight to the trends, future and challenges facing our industry today.
What are the main obstacles facing our industry today?
Competition from other luxury items, watches, fashion brands and travel.
People prefer these things to buying diamonds and jewelry.
What are the future challenges for the industry?
CVD – synthetic man-made, lab-grown diamonds.
These diamonds and the relationship to natural diamonds is the same as what happened in the pearl industry 40-50 years ago, with the relationship between South Sea pearls and natural pearls. Now people understand South Sea pearls as being the “real thing” and they have become very popular.
How do you see the rough market in the coming years?
Shrinking – there are more people who want to manufacture, and who need to keep factories, but there are less diamonds mined and therefore less supply.
What is your vision for the diamond industry?
Honesty as supreme value – to be able to trust everyone, payments to be made on time, no fear of theft, and a word is a word, like in the old times.
What would you do if you weren't working in diamonds?
I would be a clinical psychologist – since the age of 15 I have read all of Freud’s books.
What is the best advice you ever received?
When I came to Israel, I began by working in rounds. My father, rest his soul, told me that I should always do what others are not doing. I followed his advice and I was the first in Israel to manufacture Princess goods, which was very successful for me.
What do you consider to be your greatest professional accomplishment?
Opening diamond polishing and jewelry manufacturing factories for Princess cuts in Thailand – I was the first one to do this.
What was your first job?
Diamond cleaving – it was very boring.
What have you learned about yourself while running your business?
That you learn something new every day.
That there are many people who are more capable than you.
If you don’t forget these two things, you will succeed.
Who is Eli Kaufman?
An energetic, hard-working, curious person, loves to travel, to read, to learn,