Members of Israel’s diamond industry met in the Ramat Gan bourse on Tuesday to discuss challenges facing the sector. The meeting was hosted by Avi Paz, president of the Israel Diamond Exchange (IDE), Moti Ganz, president of the Israel Diamond Manufacturers Association (IDMA), and Shmuel Schnitzer, IDE honorary life president. Simcha Lustig, former Israel Diamond Institute (IDI) chairman, and Uri Schwartz, former IDMA president, also presented their views on the state of affairs.

They all stressed a need for collective calm and reiterated the industry’s ability to work through difficult times. “This is a family-based industry and we have the tools to work through the current crisis as a family,” Paz said.

continue reading "Israeli Diamond Industry Weighs its Options as Leaders Call for Calm"

Suggests ways to achieve consumer confidence in the diamond during market slowdown

Avi Paz, President of the World Federation of Diamond Bourses (WFDB) participating at the recently convened Antwerp Diamond Symposium- “Confidence in Challenging Times”, explained a focused action plan involving the diamond mining companies, manufacturers, media and banks to join in generic promotion of diamonds and building consumer confidence, at the current slowdown of the economy. He emphasised the need to create a single body dedicated to the effort.

continue reading "Avi Paz calls on global diamond industry to create a body for generic diamond promotion"

With the retail industry already taking a hit amid declining consumer confidence, two diamond industry leaders released statements this week calling on the industry to emphasize the intrinsic value and emotional power of diamonds.

On Wednesday, Israeli diamantaire Avi Paz, president of the World Federation of Diamond Bourses, sent out a letter entitled, “A Time for Diamonds,” outlining why consumers should choose diamond jewelry as a gift during the upcoming holiday season.

He notes that while competition from products such as electronics and women’s handbags has intensified, “none of these products have the long-term staying power of fine jewelry,” particularly jewelry crafted of diamonds and precious metals.

continue reading "Diamond leaders push ‘value’ message"

Avi Paz, president of the World Federation of Diamond Bourses (WFDB) and the Israel Diamond Exchange, is making the case for diamonds and diamond jewelry in a letter to the industry.

A Time for Diamonds
By Avi Paz

With the current economic downturn now a fact, consumers have been quick to reset their spending priorities and it is clear that luxury products are among the first items to be reconsidered on their shopping lists. Still, global uncertainty or not, the holiday season from Thanksgiving to Christmas has always been the most important sales window for luxury items. So the question remains, how will savvy consumers decide what luxury presents to purchase for their loved ones?

Over the past decades, the luxury product market has gone through many changes. First of all, the definition of luxury has changed. A generation ago, luxury products were just a small niche occupied by fine jewelry; high-end, luxury watches; furs and to some extend exclusive travel. However, in recent years the luxury product niche has expanded, and as a result has become far more competitive.

continue reading "WFDB President Paz: A Time for Diamonds"

Avi Paz, president of the World Federation of Diamond Bourses (WFDB), said today (Thursday) that he applauds the statement issued by India’s Gems and Jewellery Exports Promotion Council (GJEPC) regarding the need to reduce rough supply to the market during the coming few weeks.

Vasant Mehta, the newly elected GJEPC chairman and a vice-president of the International Diamond Manufacturers Association (IDMA), said in a statement last Thursday, “It is very vital that we maintain equilibrium between demand and supply and keep global stock and debt manageable during these challenging times.”

“I think we can only stand in awe of the achievements of India’s diamond gem and jewelry industry and trade, as well as the enormous growth of India’s exports and sales in its domestic jewelry market,” Paz said.

“It will require all players in the world market to observe caution to ensure that the industry remains healthy,” Paz added.

“We’re lucky to have strong leadership in India’s diamond industry in the personalities of Vasant Mehta and Anoop Mehta, president of the Bharat Diamond Bourse. I am sure that together with their teams, they will succeed in guiding the Indian diamond, gem and jewelry industry through these trying times,” Paz concluded.

Source: www.idexonline.com

While noting rising prices of rough diamonds, Israel Diamond Exchange President Avi Paz said that manufacturing of mid-range diamonds can return to Israel and be done economically. Israel, once a major polishing center, now mostly polishes larger and expensive goods, for which the cost of labor is marginal. “As the price of rough diamonds is rising, the cost of labor as a component [in the cost of polishing] decreases,” Paz said.

At the same time, labor costs are rising in centers such as China, and therefore polishing of mid-range goods could soon become economical in Israel again, Paz said.

Speaking at the Israel Diamond Industry Dignitary Award ceremony in Tel Aviv Thursday, Paz said Israel’s exports of polished will increase this year in value, and hopefully in carat volume as well.

In the past few years, exports of polished diamonds from Israel have continually grown in value, however in terms of volume, exports have been far from stellar.

source: idexonline