The World Federation of Diamond Bourses (WFDB) announced on Wednesday that Louise Prior, formerly a senior executive at De Beers, is joining the organization as its executive director effective from August 1. The creation of the key role of executive director reflects the WFDB’s desire to enhance further its pre-eminent position in the modern diamond industry. “Louise is a natural choice for this important position," WFDB President Ernie Blom. "She is a highly respected and well-known diamond industry professional with vast experience.
A local businessman believes the islands are ideally placed to serve as a hub for diamond trading, being almost on the United States' doorstep. However, the Cayman Islands would face a range of hurdles, including being accepted by the KP, which could take two years, being accepted as a member of the World Federation of Diamond Bourses (WFDB), which could also be a lengthy process, and competition from the recently opened Panama Diamond Exchange. And then there is the somewhat negative public perception of the islands as a tax hideaway.
European Gemological Laboratory (EGL) operations outside of North America will adopt a unified grading standard to restore the reputation of the lab's grading reports, the company announced on Monday.
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.
In light of market conditions, Russian miner Alrosa has reduced the prices of its rough goods by 6% since the start of 2015, but it also predicts that the market will improve by the end of this year. The comments were made by recently appointed president Andrey Zharkov. He told Reuters that Alrosa cut rough diamond prices by 3% in February and by the same amount in May.
"I think we saw the same going on with De Beers' sight prices, according to the information we have," Zharkov told the news agency after speaking at the 2015 Presidents Meeting in Tel Aviv.
The large diamond producers can bring stability to the diamond market and restore profitability to the industry's midstream by cutting back volumes of rough sales, said Israel Diamond Exchange President Shmuel Schnitzer, and Israel Diamond Manufacturers Association President Jacob Korn, for by indirectly reducing supplies.
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.
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.
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'.
World Federation of Diamond Bourses (WFDB) President Ernie Blom has expressed his support for the industry-wide debate on the current problem of overgrading and said it will be one of the topics on the agenda of the upcoming President’s Meeting in Tel Aviv from June 14 to 16.
The World Federation of Diamond Bourses' President, Ernie Blom, said there would be zero tolerance in cases such as those where the GIA found around 500 colorless, to near-colorless diamonds submitted mostly at its lab in Ramat Gan, Israel, which were potentially subjected to an undisclosed temporary treatment.