The 37th World Diamond Congress was held in Dubai from 17 to 19 May, and featured representatives from the World Federation of Diamond Bourses' (WFDB) 30 affiliates, International Diamond Manufacturers Association (IDMA) as well as individual members and guests from other diamond industry bodies.
Talks at the biennial event centred on themes of transparency, responsibility and sustainability, with the WFDB stating increased integrity in the diamond supply chain was required to ensure consumer confidence.
WFDB president Ernie Blom said it was important the industry proactively addressed and dealt with these three areas so that governments and other bodies did not.
“I believe it is time the diamond industry went on the offensive. It seems to me we have been on the defensive too long – and unnecessarily so. We have one of the most self-regulated industries in the world,” he explained.
The topic of financing was said to have been discussed in depth on the second day of the congress.
A number of information sessions took place, including a presentation by ABN Amro Bank’s Geert van Reisen who stated that the industry needed to change its operating model, shorten payment terms for rough and credit terms for polished and put a larger focus on inventory management and lowering inventories.
Howard Davies, head of commercial development at De Beers Group, said transparency was critical to securing the backing of banks.
“Banks want to finance quality assets. Transactions must all be real with real clients and real invoices. Sustainability multiplied by transparency equals bankability,” he stated.
An initiative called the international Young Diamantaires program was also launched during the three-day event. The project aims to promote ongoing communication between younger diamond industry members working in various companies, bourses and organisations from diamonds hubs such as Israel, India, Belgium, the US, South Africa and Australia.
"As the leaders of the diamond industry, we understand the critical importance of nurturing the next generation of diamond dealers,” Blom said. “It is only through fresh ideas and the ability to identify new opportunities where technology and business come together in the borderless world wide web that the diamond industry will rise to top position in the world of luxury."
In related news, India’s Gem and Jewellery Export Promotion Council was accepted as a member of the WFDB on the opening day of the congress.
The global organisation’s president Ernie Blom was re-elected for a further two-year term while Yoram Dvash, head of the Israel Diamond Exchange, was selected as the body’s vice-president.
The WFDB formed in 1947 in an attempt to protect the interests of its affiliated groups and individual members. The IDMA was established in 1946 and aims to encourage honesty and best practice in the global diamond industry.
The 38th World Diamond Congress will be hosted by the Israel Diamond Exchange in 2018.
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