IDMA President Calls For Restructuring of Diamond Pricing

Moti Ganz, president the International Diamond Manufacturers
Association called on the members of the international diamond manufacturing
community to rewrite the rules of diamond financing and to ensure a decent
return of capital invested.

He delivered his remarks at the Opening Ceremony of the 34th
World Diamond Congress that is taking place in Moscow, Russia, July 11-13.

In his address, Ganz noted that the industry is currently at
a crossroads and that it has the power to make the post-crisis situation a
defining moment in the diamond industry’s history.

Ganz said that in this market situation, manufacturers need
to assure they get a decent return on their capital and financial risks, a
pre-condition to keep their businesses on a healthy, responsible and
sustainable financial footing.

With regard to the current crisis in Zimbabwe, Ganz urged
the participants in the Kimberley Process Certification Schedule to accept the
findings of the report of Abbey Chikane, the Kimberley Process Monitor for
Zimbabwe, and to move quickly to include Zimbabwe’s rough diamonds in the
legitimate diamond pipeline.  Ganz said that by
failing to allow Marange diamonds to be traded legitimately, the industry was
setting the scene for an untenable situation in the rough market.

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