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Rough Ride for Diamond Trade
For the diamond industry, the slackening off in demand has led to a near halt to trading and an overall cautious approach.
By: Diamond World News Service
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Oct 28 2011 3:19PM
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Reference: 6424  

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If one looks back at the road the diamond industry has travelled between the March and September Hong Kong shows, it may be difficult to pinpoint the exact juncture at which the euphoria that had been unleashed in March peaked and began the start of its decline. But the extent to which the mood had changed in the span of a few months is obvious from the call by Avi Paz, President, World Federation of Diamond Bourses (WFDB) in early September where he urged the industry to approach the show with ‘optimism’. “By taking an optimistic stance, we will contribute to the markets’ and the consumers’ mindset and motivate them toward recovery,” Paz remarked.

Speaking during the show, Moti Ganz, Chairman of the Israel Diamond Institute (IDI), President of the International Diamond Manufacturers Association and the Israel Diamond Manufacturers Association, welcomed the then reported decision by the DTC to decrease its September sight. Ganz noted that this “will help to calm the market, which has recently seen vacillating prices” and it could benefit “the entire diamond supply pipeline, including the polished diamond market in diamond trading centres.”

Though the September sight is believed to have been slightly higher than the levels Ganz estimated, it is reported to be lower than in the past. Still, a few days later, Mike Aggett, Managing Director of H. Goldie & Co., in his Sight Letter commented on “the fragile situation we currently find ourselves in.” At about the same time, Alrosa, the one miner that had not cut back production even during the darkest days of 2008, announced after a meeting of its top management that its “current diamond trade policy aims to maintain market stability and avoid the negative influence of speculative factors.” Mehul Shah of Star Brillian and Vice-President Bharat Diamond Bourse, sums it up quite succinctly. “There is a nervousness in the market. The present mood is a result of a number of factors coalescing together.”

If one looks back at the road the diamond industry has travelled between the March and September Hong Kong shows, it may be difficult to pinpoint the exact juncture at which the euphoria that had been unleashed in March peaked and began the start of its decline. But the extent to which the mood had changed in the span of a few months is obvious.

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