IDMA chalks its agenda for 34th World Diamond Congress

Moti Ganz, president of the International Diamond Manufacturers Association (IDMA) elucidated the organisation’s agenda for its participation at the 34th World Diamond Congress in Moscow, saying "The developments in the rough diamond market and the way these affect our businesses will be at the top of our agenda. In Moscow, we will take a good look at the difficult position of diamond manufacturers in the supply pipeline. On the one hand, we continue to buy rough diamonds for cash payments, while on the other our clients continue to demand we provide them with favourable, long-term credit for the polished goods we produce".

According to Ganz, diamond manufacturers are keen to shed bearing the brunt of financial burden in the diamond supply pipeline. "The recent economic crisis has driven home the message that the financing structure of the diamond supply pipeline needs to change and that its burden must be carried by all parties throughout the pipeline and not only by the manufacturers", he added.

International diamond industry analyst Chaim Even Zohar will present an overview of the rough diamond market to IDMA members, while Dione Kenyon, President of the US Jewelers Board of Trade (JBT) will address the issue of credit in the jewellery industry. "We need to learn or re-learn how to work in the downstream market and assure that those to whom we sell our diamonds are worthy of being entrusted with our goods," Ganz said. Other speakers include Sergey Oulin, president of the Russian Diamond Chamber and the host of 34th WDC, as well as Matt Runci, president of Jewelelrs of America (JA) and the Responsibile Jewelry Council (RJC).

The outcome of the intersessional Kimberley Process meeting held in Tel Aviv last week will also be discussed, along with the issue of lack of a generic diamond advertising campaign, and the delay in getting the International Diamond Board (IDB) off the ground.