In light of the financial crisis currently impacting the world economy and the challenging market conditions, the Fifth Antwerp Diamond Conference, which was scheduled to take place in Antwerp on Nov. 17 and 18, has been postponed, organizers said in a statement.
“We have taken a decision to postpone the conference, despite the positive response to conference attendance,” said Freddy J. Hanard, the AWDC CEO. “The conference has traditionally served as a roadmap for the world diamond community, and as such has come to be regarded as a must-attend event on the industry calendar. With the turmoil now taking place in the financial markets, we felt that it is essential that we allow the dust to settle first. We therefore thought it prudent to postpone the conference”
Hanard added, “At this stage it is not clear how the diamond market is likely to react to the current crisis. On the one hand, if there is a marked fall in global consumer demand, all luxury products are going to experience a slowdown. But on the other hand, with the lack of confidence that the public is currently displaying for stocks, bonds and other financial instruments, diamonds and diamond jewellery may be considered a safe haven. This is on top of the emotional focus on personal relationships that diamonds have come to symbolise, which become front-of-mind in times of crises.”
AWDC currently is studying alternative dates for the Fifth Antwerp Diamond Conference.