The 2009 Antwerp Diamond Symposium concluded on the note of a new normal in the economy

The 2009 Antwerp Diamond Symposium concluded on the note that while the year 2010 would be a year of growth, there is a now a "new normal" in the global economy. Moderator Chaim Even-Zohar and economist Pranay Narvekar, noted that there would be a 0.4 percent rise in the retail market in 2010. Although the destocking in the pipeline and subsequent slight increase in retail sales would result in a 25 percent increase in polished sales in cutting centres to $17.1 billion. Recovery is underway, but it will be slow, reports say.

This second symposium was organised by the Antwerp World Diamond Centre (AWDC) on November 16, 2009. It opened with a talk by AWDC CEO Freddy J. Hanard applauding the collective decisions taken by the diamond trade’s stakeholders at last year’s symposium, to formulate strategies to keep the industry alive in the financial insecurity. He said the second symposium was called for by the changing world conditions.

The symposium highlighted some of the credible feats achieved by the industry during the meltdown: the number of business failures in the 18 months of the economic crisis did not exceed the rate expected in a non-recession year, which was made possible by the readiness of diamantaires to infuse personal equity into their companies; policies of the mining companies to cut production and suspend sales during the first part of the year, and banks maintaining a general level of credit to the diamond industry helped maintain stability.

Representatives of the banks and the mining companies addressed the symposium expressing their continued support. Alrosa Vice President Sergei Ulin declared that despite the difficult economic circumstances, the Russian authorities do not intend flooding the market with rough diamonds to turn a quick profit.

Those attending the symposium expressed concern over the 30 percent increase in rough diamond prices over the past six months, during which there has been no corresponding increase in the average price of polished diamonds. Symposium participants were warned not to create another speculative price bubble if recovery is to be maintained.

Thomas Leysen, Chairman of the Belgian Federation of Enterprises provided a business leader’s perspective from outside the diamond sector saying, "During my travels abroad as part of state delegations, we see that the diamond industry provides Belgium with both glamour and importance," he said. "It is a calling card for our country and its image. Antwerp has weathered the crisis well, in part through the diversification of markets. The results will take time to come to fruition, but it is heartening to see that the process has started."