World Federation of Diamond Bourses (WFDB) President Ernie Blom gave a wide-ranging review of the challenges facing the global diamond industry at the formal opening of the 2015 Presidents Meeting in Tel Aviv on Monday. Among the issues that he spoke about were falling profitability and declining bank credit, synthetic stones, overgrading, and generic diamond marketing. "These are complicated times for the diamond industry across the world. I must stress that the WFDB is fully aware of the breadth and depth of these issues and that we are taking all steps possible to address them and to aid all our members."
He called on members of the diamond industry to re-think their business strategies and to consider whether they should be paying such high prices for rough goods. He also asked for the banking community and producers to provide more assistance to diamond business members by providing credit lines and reducing the "unrealistically high price of rough stones" since doing business profitably has become almost impossible.