The Diamond Manufacturers & Importers Association of America is undertaking a new initiative to develop a diamond industry information platform. The objective is to create a real time reporting system to better enable diamond manufacturers, importers, and dealers to make well-informed credit decisions with data expanded to include memorandum exposures, DMIA said in a statement.
The DMIA said it has held discussions on the development of this system with the Jewelers Board of Trade in order to leverage the credit reporting infrastructure that JBT already has in place.
This system will be highly dependent on those participating to supply timely and continuously updated information, DMIA said. As the industry moves towards a deeper level of transparency, the sharing of this type of information becomes increasingly critical to the effective management of day to day decisions.
The DMIA is simultaneously conducting outreach to its peer organizations in the diamond industry to invite and encourage participation in this important effort to ensure it can be pan-organizational and inclusive for everyone, with the goal of engaging the close cooperation of the industry’s leaders to benefit the collective welfare of the diamond sector.