Last week Pandora announced it would no longer sell mined diamonds, and instead launched a collection using lab-grown diamonds (LGDs), as a part of their sustainability strategy. The announcement caused leading diamond and jewelry organizations to lash out as they believe the retailer misrepresented natural diamonds and caused harm to the industry.
The 21st Presidents’ Meeting of the International Diamond Manufacturers Association (IDMA) and the World Federation of Diamond Bourses (WFDB) begins today, September 23, in Dubai. It will take an in-depth look at the issue of synthetic diamonds with a panel discussion dedicated to this issue, while another panel will discuss traceability, provenance and blockchain technology.
The World Federation of Diamond Bourses (WFDB) announced that the 2018 World Diamond Congress, the biannual meeting of the WFDB and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai, India, during the latter part of October. This year’s Congress was due to take place in Tel Aviv from June 19 to 21, but was postponed due to security concerns.
“We are not planning to change our strategy, integrate in the new market (synthetic product market) and launch our own synthetic production, or sell lab-grown diamonds. It is obvious that ALROSA as a diamond producer and one of the founders of Diamond Producers Association (DPA) hopes that this initiative will lead to differentiation of diamonds and synthetic stones, underlining the status of synthetics as a distinct low-price product.
The World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) have cancelled their biannual conference, the World Diamond Congress, due to be held in Tel Aviv, Israel, from June 19 to 21. The diamond organizations cited poor registration figures - "too low to conduct a successful, meaningful and effective gathering" - likely as a result of political tensions in the region.
The Israel Diamond Exchange and Israel Diamond Manufacturers Association sent a letter to Israeli traders Diamond companies in Israel have been granted another two months to voluntarily disclose their assets, inventory and unreported income to the Tax Authority, writes Rapaport News. The trade organizations informed their members that firms have until the end of February to submit the full report of disclosures, as long as they declared their intention to do so by December 29.
The 2017 Presidents Meeting, the biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai from February 5 to 8, 2017, according to a press release from the WFDB secretariat in Antwerp. The Presidents Meeting starts off the WFDB's year of celebrations for its 70th anniversary and will also feature a major Diamond Financing Seminar and Roundtable.
Financing and persuading banks to provide credit to the diamond trade, the lack of profitability for manufacturers, the critical need for generic marketing of diamonds and persuading Millennials to buy diamond jewelry, the damage caused by frequent changes to price lists, the threat from synthetic diamonds and deliberate overgrading, together with diamond sourcing protocols were the main issues debated at length at the World Diamond Congress in Dubai this week.
Speaking about the approximate $1 billion of rough goods sold by ALROSA and De Beers alone in January, International Diamond Manufacturers Association (IDMA) President Maxim Shkadov writes in GemKonnect that while it is encouraging, it must be borne in mind that the midstream sector is still weak and that most diamond traders yet have to receive payment for their holiday sales. The relatively large volumes, therefore, pose a threat to manufacturers who may now face higher prices for rough diamonds.
International Diamond Manufacturers Association (IDMA) President Maxim Shkadov tells GemKonnect that rather than seeing 2015 as an 'annus horribilis' as recently declared in a commentary on its site, it was a actually "an anno veritatis, a Year of the Truth. Indeed, never before have the deficiencies of the diamond supply pipeline been laid bare so clearly, and yes, so painfully." Shkadov scathingly comments that " neither analysts, nor the overwhelming majority of management of the diamond producers had an inkling about what it takes to be a diamond manufacture."
Former Israel Diamond Manufacturers Association President Uri Schwartz, one of Israel's most veteran and well-known diamond dealers, is on the way to bankruptcy, writes Israel business news online publication Globes. A receivership order for his assets was issued last week because of a NIS 8 million ($2 million) unpaid debt. Bank Leumi intends to foreclose Schwartz's home in the Sea and Sun project in Tel Aviv and to seize other assets, including an apartment on Ben Yehuda St.
Maxim Shkadov, CEO of Kristall Production Corp and President of the International Diamond Manufacturers Association, tells Rough & Polished about his company’s performance and comments on the situation in the diamond market.
Maxim Shkadov, president of the International Diamond Manufacturers Association (IDMA) and CEO of manufacturer Kristall Smolensk, told Rapaport News that rough diamond prices need to come down by 15 percent - albeit gradually, so as not to destabilize the market. “Rough prices need to come down to represent a fair value compared to polished but the concern is that if they go down in one shot, polished prices will go down again and the cycle will never stop,” he said.
Ronnie VanderLinden, secretary-general of the International Diamond Manufacturers Association (IDMA) and president of the Diamond Manufacturers & Importers Association of America (DMIA), makes a call for action for a new generation of industry leadership. "It is high time that the industry members who belong to the Millennial generation become engaged and take an active role in helping our industry succeed in the 'new normal' economy and the consumer market of which they are an integral part.
Rapaport talked with Maxim Shkadov, General Director of Russia’s number one polished manufacturer, Kristall Smolensk, Chairman of the Association of Diamond Manufacturers of Russia (ADMR) and two-time President of the International Diamond Manufacturers Association (IDMA), about many of the crucial issues facing the diamond industry today.
Members of the global diamond trade may face arbitration for dealing in diamonds with a color grading that differs with industry standards by more than one grade, according to a new policy issued by several industry organizations. The policy statement, obtained by Rapaport News last week, was formulated by the World Federation of Diamond Bourses (WFDB), the International Diamond Manufacturers Association (IDMA) and CIBJO – The World Jewellery Confederation.
Leaders of the International Diamond Manufacturers Association (IDMA) – Secretary-General Ronnie VanderLinden and President Maxim Shkadov – emphasized the need for the manufacturing sector to achieve sustainable profit margins which would also provide motivation for the young generation to join the industry.
Israel Diamond Exchange's (IDE) president, Shmuel Schnitzer, addressed the WFDB and IDMA presidents meeting in Tel Aviv. He said that, "In Israel, we have an annual turnover of over $20 billion. We are leaders of the diamond world in technological development for manufacturing and online marketing. We recently set up a model factory, where we make cutting-edge, advanced machinery available to all manufacturers in our industry. A young generation is joining the ranks of those involved in the industry, and indeed, the potential in Israel is endless."
At the World Federation of Diamond Bourses (WFDB) and International Diamond Manufacturers Association (IDMA) Presidents meeting in Tel Aviv earlier today, Philippe Mellier, CEO of De Beers Group, said that sustainable returns across the diamond pipeline are key to investment for further growth. “Diamantaires need to make sustainable returns so they can invest in things such as new technology, marketing activities and business efficiency.
Mizrahi Tefahot, a Tel Aviv-based bank, raised its lending to the Israel diamond industry by approx. 25% in the past year, CEO Eldad Fresher told Rapaport News. “About a year ago, we decided to grow our presence in the diamond industry in Israel,” he said. “We expanded our credit lines and took on new clients because we believe in this sector.” Fresher was speaking at a joint session of the WFDB and the IDMA at the Presidents Meeting in Tel Aviv.
“IDMA's members are struggling for survival ... the future of global diamond manufacturing is in the balance. The manufacturers are those who carry the largest and most significant burden of the diamond pipeline [...] no matter where diamonds are cut, we are experiencing unendurable pressure from all the market's segments and players”.
- International Diamond Manufacturers Association (IDMA) President Maxim Shkadov, press release from the Presidents' Meeting
The World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) started their discussions at the 2015 Presidents Meeting in Tel Aviv on Sunday. The formal opening session of the Presidents Meeting will take place on Monday.
A delegation of participants in the 2015 Presidents' Meeting of the World Federation of Diamond Bourses and the International Diamond Manufacturers Association will be hosted at the Prime Minister's official residence in Jerusalem at the close of the three-day event on June 16.
Andrey Zharkov, the newly appointed President of the Russian mining company ALROSA, the world's largest diamond producer by volume, will lead an ALROSA delegation to the 2015 Presidents' Meeting in Tel Aviv next week, in his first public appearance since taking over at the diamond producer in April.
"I look forward to visiting Israel for the first time in my capacity as ALROSA president. It is a grand opportunity to take the pulse of the diamond industry, to meet the global diamond industry leadership and to confer with our Israeli counterparts," he commented.
De Beers Group CEO Philippe Mellier will receive an interesting reception at the biennial meeting of the World Federation of Diamond Bourses and the International Diamond Manufacturers Association at the June 14-16 meeting given the frustration in the global trade at high prices which have squeezed margins. Mellier's speech is entitled: 'Perspectives on the diamond industry'.