The International Diamond Manufacturers Association has criticized the lack of cohesive and comprehensive generic diamond promotion, and expressing its readiness to coordinate such a program on behalf of the industry.
The statement came after IDMA members met for a two-day strategic review retreat in Israel following the Third Rough Diamond Conference held in Tel Aviv, Feb. 11-12.
“IDMA has resolved that it will take a leadership role in developing specific proposals to help remedy this situation,” said IDMA president Jeffrey Fischer. “IDMA is calling upon all stakeholders to assemble with the express purpose of creating an on-going industry-wide generic diamond promotion campaign. IDMA offers to act as the coordinator of this ‘summit meeting’ to address this important need and will announce a plan of action shortly.”
The IDMA retreat was moderated by industry analysts Chaim Even-Zohar of Tacy Consultants Ltd., and Charles Wyndham of WWW International Diamonds Ltd. Fischer said participants focused on internal organizational planning, matters of concern to IDMA membership, and issues confronting the wider diamond industry.
“The diamond manufacturing industry has historically been, and still is, production driven,” Fischer said. “Obviously, that needs to change-and soon. We therefore urge our members to face the painful reality that there is over-capacity in production in the various cutting centers and that a significant contraction and consolidation of the manufacturing base are inevitable. We need our members to wake up to that ugly and painful situation and make the right choices for the sake of the future of their own businesses.”