A wide array of topics of great significance to the diamond industry were discussed at the recently held Executive Committee Meeting of the World Federation of Diamond Bourses (WFDB) at the Israel Diamond Exchange (IDE). The meeting also debated ways of enhancing the relevance of the organisation in the current scenario.

At the meeting, Martin Rapaport presented a review of synthetic diamonds and the state of the diamond trade globally; there was also a presentation made on Blockchain, which WFDB believes is the future of the industry.

“Martin Rapaport spoke of the growing role of lab-grown diamonds and how the diamond trade needs to point out to consumers that such stones are not a store of value and that their price will eventually fall substantially,” WFDB outlined in a press release. “He also spoke about the general state of the diamond trade, saying that the Chinese market was reasonable and the US market was strong.”

Referring to other points covered by Rapaport, WFDB added: “He spoke about the difficulty of sales to Millennials, and that the core US engagement ring sector was not particularly strong. Meanwhile, the midstream part of the pipeline is under extreme pressure. He also raised other issues for discussion, such as the need for increased transparency and origin of supply.”

Other issues debated at the meeting included WDC’s System of Warranties with the discussion being led by London Diamond Bourse President Alan Cohen; and the WFDB social media campaign being run by Rami Baron, President of the Diamond Dealers Club of Australia.

The Executive Committee approved the appointment of an External Advisor – former Dubai Diamond Exchange Chairman Peter Meeus, the WFDB noted.

"We had an extremely productive meeting with robust debates on a wide range of topics," said WFDB President Ernie Blom. "In such challenging times for the global diamond trade, it was vital to hear the views of Executive Committee colleagues from across the world ahead of the Presidents Meeting in Dubai in September. We will receive updates at that meeting on the issues raised here and also on a number of other important topics.

"In conclusion, I would like to thank the Israel Diamond Exchange for its generosity in hosting the Executive Committee meeting."

Pic Cap: Members of the WFDB Executive Committee during the meeting at the Israel Diamond Exchange seen with WFDB President Ernie Blom (4th frm left front row); Bharat Diamond Bourse (BDB) Vice President Mehul Shah (3rd from rt) and BDB President Anoop Mehta (5th from rt)