Speaking at a webinar organised by GemAtlas, Ernest (Ernie) Blom, President of the World Federation of Diamond Bourses (WFDB) said that he expects “a robust market, going forward,” GemAtlas reported. Blom said that this year had opened to a strong rough market and he expected that trend to be reflected in polished as well.

Touching on the important issue of price volatility, Blom opined that industry players   should only buy rough at prices they can make profits on. He advised diamantaires not to indulge in speculative buying, pointing out that it is essential to maintain liquidity.

Blom noted that the forthcoming Presidents’ Meeting of the WFDB and IDMA will be holding a Diamond Finance Seminar to address  various financial issues and to provide   pointers to ways of making the diamond industry more attractive to financiers and bankers. 

Emphasising the need to work in a cohesive and united manner, Blom stressed that it was important that the diamond industry works towards growth for the entire value chain; and profitability for all.     

Generic marketing was also touched upon during the webinar and Blom expressed satisfaction that diamond producers have understood the threats and challenges confronting the industry. He said both the Diamond Producers Association (DPA)  and the World Diamond Mark Foundation (WDF) are doing great work in the area.

A lively interactive discussion followed Blom’s presentation. One area of concern highlighted by several people was the threat posed by lab-grown diamonds. While Blom opined that the category was a reality and would inevitably grow, he took a strong stance on the need for transparency in the sale of synthetic diamonds, which he emphasised was also the WFDB’s position. He urged individual bourses not to take instances of mixing lightly.

“Ernest Blom signed off on a positive note, with hope for a stable 2017 and emphasis on conscious buying for profits, promoting through generic marketing, and maintaining a close relationship with financiers and bankers, as the way forward,” GemAtlas said in a press release.