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.

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The Exchange will be the hub of diamond and jewellery trade in Latin America

Leaders of world diamond and jewellery industry including Eli Izhakoff, chairman of the World Diamond Council; Avi Paz, president of the World Federation of Diamond Bourses (WFDB); Dr. Gaetano Cavalieri, president of CIBJO, The World Jewellery Confederation; Jacob Banda, president of the Diamond Dealers Club of New York; and Alex Popov, president of the Moscow Diamond Bourse and heads of the Panama Diamond Exchange (PDE) in Panama City, met on October 24 for the launch of the $200 million project, which when complete will comprise a complex that serves both as the headquarters of the PDE and as the center of the diamond, gemstone and jewellery trade in all of Latin America.

The complex has been conceived to include an office tower built above a state-of-the-art diamond exchange, built on a plot of land overlooking the Pacific Ocean. When built, the complex is expected to provide the country with more than 3,000 direct and 10,000 indirect jobs. The turnover of diamonds, precious stones and jewellery that is projected to be traded is estimated to be more than $7 billion per annum.

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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

The heads of the Diamond Trading Company (DTC) and the World Federation of Diamond Bourses (WFDB) said on Wednesday their meeting in London late August was both useful and productive. The two organization heads meet on an annual basis to discuss general industry issues and concerns of mutual interest.

In previous years the WFDB used the meeting to try and increase the supply of rough diamonds to the secondary market. This extra supply was made through De Beers’ Diamdel.

This year, however, the subjects that were reportedly discussed included the WFDB Mark, De Beers’ generic marketing activities for the fourth quarter and “the importance of the industry’s response to maintaining the highest ethical standards and key issues impacting the cutting centers.”

Both sides agreed that the meeting showed much common ground between the WFDB and the DTC, and came to several important conclusions.

The DTC applauded the WFDB for their involvement in providing input for the Financial Action Task Force (FATF) RBA Guidance for Dealers in Precious Metals and Stones and congratulated the WFDB on being accepted as a member of the FATF’s Consultative Forum.

The DTC and the WFDB are fully aligned in their goal to evidence ethical accountability in the diamond industry. To this end, the DTC is supportive of the WFDB’s goal to fully implement the WFDB Mark as a sign of integrity, backed by a system of auditing, monitoring and enforcement.

The DTC recognizes the value to ethically operating diamond companies in becoming members of one of the 28 affiliated WFDB bourses around the world.

Source: www.idexonline.com