LID, Banks Sign Long-Term Agreement

By JCK Online Staff -- JCK Online, 8/16/2007 4:36:00 PM

LID Ltd., which has been operating under Chapter 11 since March, said Thursday that its lender banks have agreed to a long term financing agreement that will allow the New York-based diamond jewelry company to accelerate its growth plans for the foreseeable future.

“The banks decision underscores the integrity of our continuing commitment to provide world class service and product quality, a hallmark of LID. We were a sound company then and we are a more viable company today as our plan continues to exceed projections,” said David Elishayov, LID president.

LID recently launched an expanded product line for its Diavante brand. It included a national marketing program for “The Diamonds of Diavante…Magical!” to support participating independent jewelers. Consumer magazine advertising is scheduled to run in top fashion magazines this Fall and Winter.

LID Group has principal offices in Israel, Japan, Hong Kong, New York, and India where it owns a dedicated 120,000 square-foot factory for jewelry production as well as cutting and polishing of loose diamonds. LID currently markets designer diamond jewelry under the Diavante brand with its patented Princessa and Part Heart diamonds.