The International Diamond Manufacturers Association announced it plans to host an international conference of diamond industry bankers and service providers soon.
The proposed meeting will ensure that all players in the diamond supply pipeline are implementing sound and sustainable credit and business practices, the organization said Monday during its presidents’ meeting in Antwerp, Belgium.
IDMA President Moti Ganz said that the organization, which is the representative body of the world’s diamond manufacturers, seeks to create an open exchange of views with the aim of creating a sustainable diamond supply pipeline that should ensure a stable and viable long term growth of the diamond industry.
IDMA urged the diamond industry’s financial institutions to continue their support for the diamond industry and their clients based upon sound and transparent business practices.
“The current economic crisis has made it apparent that we’re living in a different world where new rules apply,” Ganz said. “Therefore, it is important that we organize a high-level conference with the banks—our financial partners and credit providers—to discuss what new financially sound business models we need to implement.”