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34th World Diamond Congress Moscow Meet Deliberates on Lessons from Crisis
While Zimbabwe got its fair share of attention, the Moscow meeting of WFDB and IDMA also focused on the lessons that the industry should learn from the recent fiscal crisis.
By: Diamond World News Service
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Sep 3 2010 12:46PM
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Reference: 5246  

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The bi-annual three day meeting of leaders of the different diamond bourses and trade associations from across the world, better known as World Diamond Congress, was held this year in Moscow against the backdrop of the ongoing controversy over export of rough from Zimbabwe and the role of Kimberley Process. It was also a time when the industry had slowly begun to emerge from one of the worst crisis periods it has seen in recent history.

These two aspects remained in the limelight throughout the meeting, with one or the other almost always being at the centre of discussions. Some of the groundwork and the strong words expressed by the diamantaires apparently had an effect and a couple of days later, a mini KP Summit, held on the sidelines of the World Diamond Council meeting at St. Petersburg, brokered a temporary truce that will allow the export of two shipments of rough from that troubled country,

The three-day Congress commenced with a ceremonial opening session that brought together the general assemblies of both the World Federation of Diamond Bourses and the International Diamond Manufacturers Association Guests of honour were Alexei Kudrin, Russia's Deputy Prime Minister and Minister of Finance, and Fyodor Andreev, President of Alrosa. The opening speeches by the Presidents of WFDB and IDMA set the tone for the subsequent deliberations and discussions.

In his opening address to the Congress, WFDB president Avi Paz noted that the diamond industry continues to cope with after effects of the global economic crisis. He stressed that the industry continues to face challenges even today. “And in view of the situation, our purpose was - and still is - to sustain the viability and stability of rough supplies, and the continuation of manufacturing and marketing of polished diamonds", he said. Stating that WFDB played a “central and important role” in ensuring players in the diamond supply pipeline behave responsibly during the economic crisis, he outlined the focus for WFDB as, “Fortunately, in the past few Months we are witnessing signs of recovery and return to gradual growth. But we must continue looking beyond the daily trends and lead the entire industry toward the future with vision and courage.”

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