The Israeli diamond industry had a rough year, with diamond and jewelry consumption worldwide shrinking drastically and industry exports in 2009 dropped by 40%. Third quarter diamond sales indicated a slight improvement and Q4 sales figures seemed to improve further, but still – the industry is reeling from a tough 12 months.

Israeli billionaire Lev Leviev, the world's largest private diamantaire, was no exception: while Leviev still stands to top the list of Israel’s diamond exporters in 2009, he too has suffered significant losses. Moreover, in August 2009, Africa Israel, which he controls, encountered financial difficulties which led to it applying for a debt distribution agreement with various banks and bond-holders, and saw them forfeit some of the debt. Both the diamond business and Africa Israel are believed to have caused Leviev considerable losses in the past fiscal year.

In December, the Tel Aviv District Court signed off on the agreement struck between Leviev, the banks and bond-holders. The final settlement called for the diamantaire to funnel NIS 1.5 billion in private funds to cover the debts. Now, with projections forecasting 2010 will see a significant boost in the diamond industry's performance, Leviev's diamond business might be his ticket out of his own financial crisis. According to a Monday report in The Marker, Leviev's annual turnover for 2010 may reach $3 billion – which would go a long way towards covering Africa Israel's debts.

Leviev's LLD Diamonds has shifted its focus to the rapidly growing markets in India and China. Leviev markets diamonds directly from his mines and plants to Open Joint Stock Company, which is based in the US and the Far East. He also owns a diamond holding company – Miuz – whose annual turnover is estimated at $150 million; as well as the Moscow Jewelry Factory, which is a chain of high-end jewelry stores, recently ranked as one of the world's 10 leading premium brands.

LLD Diamonds trades in both rough and cut diamonds via offices in the US, Russia, Israel, Belgium, India and China. Leviev's breakthrough in the diamond industry, dominated until then by diamond giant De Beers, came by way of an Angola mine.