28 Sep 2020
DiamondWorld Directory
Home |
News
Home
Processes set in place with committees to give in-depth consideration to issues, says WFDB President Ernest Blom
The biennial meeting discussed various grave concerns of the global diamond industry.
By: Diamond World News Service
|
Jun 17 2015 12:01PM
|
Reference: 11591  

DecreaseIncrease
WFDB President Ernie Blom presenting IDE President Shmuel Schnitzer with an award in recognition of hosting the 2015 Presidents Meeting.
WFDB President Ernie Blom presenting IDE President Shmuel Schnitzer with an award in recognition of hosting the 2015 Presidents Meeting.
The 2015 Presidents Meeting in Tel Aviv ended after three days of intensive discussions on the main issues affecting the diamond trade globally. The leaders discussed serious concerns like lack of profitability, banking and finance, synthetics and overgrading during these three days.

"We held highly intensive discussions which allowed us to discuss issues in depth. As we all concurred, the main themes are the lack of profitability, banking and finance, synthetics and overgrading. I feel that we have achieved a great deal in precisely identifying the challenges that face us, and what we need to do to overcome them. We have put processes in motion and a number of committees will look at them in great depth and report back with proposals for how to deal with them,” said Ernest Blom, WFDB President.

WFDB presidents, as well as their counterparts from the International Diamond Manufacturers Association (IDMA), also travelled to Jerusalem on June 16, 2015, where they were hosted by Israel's Prime Minister Benjamin Netanyahu where they briefed him on the state of the diamond trade worldwide.

The joint working session of the WFDB and IDMA was addressed by Philippe Mellier, CEO of De Beers, and recently appointed Alrosa President Andrey Zharkov. The two men gave their perspectives on the current condition of the diamond markets.

"We held highly intensive discussions which allowed us to discuss issues in depth. As we all concurred, the main themes are the lack of profitability, banking and finance, synthetics and overgrading. I feel that we have achieved a great deal in precisely identifying the challenges that face us, and what we need to Regarding the visit to Prime Minister Netanyahu, Blom said the Israeli leader was well aware of the issues facing the diamond business. "We had a very interesting discussion with the Prime Minister. We briefed on him the challenges we face on a daily basis. He told us about the state of the Israeli economy and the importance of the diamond industry to Israel's finances. He promised to give all assistance possible to the Israeli diamond trade."

Meanwhile, IDE President Shmuel Schnitzer said a great deal was accomplished during the Presidents Meetings. "We touched on the very serious issues confronting the industry. The most crucial part is lack of profitability. No business can last in such circumstances. We mentioned this to the diamond producers to see what they and we can do to improve the situation. We cannot go on ignoring this lack of profitability.

"Bankability and financing was the second issue that we identified. There are banks that do not want to work with our business. This is wrong because we have a lot more transparency in the trade now. Things are changing and it’s a different trade now. The banks should draw the right conclusions. It is wrong for the banks to leave the industry. We also had lengthy discussions about the issue of overgrading and the recent color treated diamonds discovered by the GIA in Israel, and also debated the issue of price lists and how we can bring about consultation regarding changes in the Rap List," Schnitzer added.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
HouseAd_Trade Fair
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 27318
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 1971
GJEPC Chairman Interview
Views: 24296
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31636
Promo for IJ Awards 2012 at NDTV Profit
Views: 45947
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 58139
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18620
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44620
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 42819
Advertisement
GIA_2020
Advertisement
Kosher 250300
Member of:
Supporter of: