Jun 16, 2015

Day Two of Presidents’ Meeting Fouses on Industry Concerns; Discusses Way Forward

The working sessions of the Presidents’ Meeting of the WFDB-IDMA have deliberated on various critical issues affecting the industry with the tone and direction being given by the outline of developments over the past year presented by WDB President Ernie Blom.

He told the presidents that although the industry was facing many challenges, the WFDB, was always ready to accept responsibility for dealing with difficult issues.

Blom revealed that, the WFDB has shortlisted three candidates for the post of Executive Director and will take a final decision soon. "The aim of the new Executive Director will be to drive forward our agenda and to make us an even more dynamic force in the global diamond trade," he said.

Other areas covered by Blom included interactions with the banks, producers and labs. He shared the inputs received from them, noting that the GIA has promised to inform the WFDB about their investigations into the new colour treatments that it had detected recently.

He also said that the WFDB is keen to expand its membership beyond purely bourse members and has created new categories of members. It recently inducted India's Gems and Jewellery Export Promotion Council and ABN Amro Bank in the organisation.

The WFDB President also reported on the issue of diamond price lists, specifically the list published by Martin Rapaport, which sparked widespread debate among participants at the meeting. He said there is considerable concern about the list, particularly following a recent drop in prices that was not regarded by the industry as justified. "Martin Rapaport has said he will sit with us to discuss the issue. We have set up a committee with IDMA to see how this can be done, and it has a high priority."

Other sessions were addressed by leaders of different bourses including GJEPC’s Chairman Vipul Shah and Israel Precious Stones and Diamond Exchange’s President Shlomo Eshed amoung others.

The delegates were also addressed by CEO of the Bridge to Luxury consultancy Frank Mueller who spoke on the theme "Fascinating Diamonds – Creating a New Brilliance"; and industry analysts Chaim Even Zohar of Tacy Ltd. and Pranay Narvekar of PharosBeam Consulting who made a presentation on the 'Squeezed Middle'.