WFDB Concludes 34th World Diamond Congress

The World Federation of Diamond Bourses has concluded its
meetings at the 34th World Diamond Congress in Moscow, calling on the industry
to internalize the lessons learned during the global financial crisis of the
past 18 months, during which time diamond dealers reduced significantly the
volume of goods being sold on consignment and also cut the standard periods for
which terms of credit are extended.

The WFDB General Assembly discussed at length the
conclusions that should be drawn from the global economic recession, and in
addition to the issues of memo and credit terms called for increased
cooperation with banks financing the diamond industry, so that credit will be
available to all sectors of the industry as the diamond market enters a new
growth phase.

The WFDB General Assembly called on rough diamond producers
to allocate sizable volumes of merchandise for sale outside of the tender
system, which places smaller and medium manufacturers at a disadvantage.
Furthermore, it was stated, since when buying on tender it is impossible to
know for certain what goods will be obtained and at what price, it is difficult
for members of the diamond sector to implement any long-term strategic
planning, including manufacturing and marketing programs. This is essential for
the health of the industry, and a healthy industry is critical to the
sustainability of the producers themselves.

The WFDB resolved to accept for the first time in its
history representatives of governments of diamond producing countries as
“nation-affiliated members,” which would allow them to participate in
World Diamond Congresses and Presidents’ Meetings, and to receive benefits
accruing from their membership.

The WFDB General Assembly confirmed Dubai as the venue for
the 2011 Presidents’ Meeting, where the host will be the Dubai Diamond
Exchange, and Mumbai as the venue for the 35th World Diamond Congress in 2012,
where the host will be Bharat Diamond Bourse.