LID, Banks Sign Long-Term Agreement

LID (NY) announced that their 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 firm has been operating under Chapter 11 since March.

“We were a sound company then and we are a more viable company today as our plan continues to exceed projections,” said LID president David Elishayov.

LID, a DTC Sightholder, recently launched an expanded product line for its Diavante brand, backed by a national marketing program, “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. 

“The reaction to the new Diavante fashion jewelry brand has been immensely positive,” LID national sales manager Bob Nachman said in a release. “We are continuing to upgrade our sales team and expanding representation to insure retailers all across the country that they can be guaranteed professional LID service,” he added.

LID Group has principal offices in Israel, Japan, Hong Kong, New York and India. In India it owns a dedicated 120,000 square foot factory for jewelry production as well as cutting and polishing of diamonds.

LID currently markets designer diamond jewelry under the Diavante brand with its patented Princessa and Part Heart diamonds.