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Avi Paz calls on global diamond industry to create a body for generic diamond promotion
Suggests ways to achieve consumer confidence in the diamond during market slowdown
By: Diamond World News Service
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Nov 21 2008 1:22PM
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Reference: 3253  

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Avi Paz, President of the World Federation of Diamond Bourses (WFDB) participating at the recently convened Antwerp Diamond Symposium- "Confidence in Challenging Times", explained a focused action plan involving the diamond mining companies, manufacturers, media and banks to join in generic promotion of diamonds and building consumer confidence, at the current slowdown of the economy. He emphasised the need to create a single body dedicated to the effort.

To begin putting things in to perspective for the consumer according to Paz requires the industry to promote diamonds as not only a precious stone but also as a financial investment. "Our responsibility, as industry leaders, is to create the right atmosphere and ensure that the diamond industry and the diamond itself enjoys the confidence of the public as well as of the banking system. But before we turn to the consumer, we first and foremost need to reinforce confidence in ourselves.

He addressed the current global economic emergency as “A very serious crisis, but let's all remember it is not one limited to the diamond business. We are definitely influenced by trends but its important to remember that the situation occurred at a time that the diamond business was enjoying stability. Therefore, as I see it, the anxiety is for a great part psychological."

To counter and hedge the effects of the crisis in the diamond business, Paz called upon the banks that finance the diamond trade and industry, on the large diamond miners, and players in the diamond supply pipeline to keep calm. He also addressed the role of the banks and the right attitude of the industry towards banking support. “We have to remember that the banking institutions are going through difficult times and therefore we have to make sure that they retain confidence in our industry and don't upset the balance without cause. We need to remind banks that we are not part of the crisis and that they should not create difficulties for us unnecessarily." Paz requested that industry commentators, analysts and the trade press to act in a responsible and mature manner. So also with rough producers and distributors to that the market will not be flooded with rough goods. However he did not stop at putting the sole accountability at their feet. "While this is the responsibility of the rough producers, the burden of proof is also on each diamantaire, not to buy rough when he does not need it." Speaking on polished good he reminded the industry that "We should be wise and not take actions that will lower the prices."

He proposed that all the players of the supply chain from rough diamond producers, diamond manufacturers and dealers, jewellery manufacturers and retailers join efforts to establish a joint organization and market diamond jewellery, emphasizing the value retention of diamonds and as such their significance as an investment. He said that this new all-industry forum would need to allocate a budget and coordinate an intensive public relations and campaign in the various consumer markets to promote diamonds and diamond jewellery.

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