Hundreds of attendees logged on to the opening session of the World Diamond Congress held online on September 14. They represented member bourses of the World Federation of Diamond Bourses (WFDB), manufacturing associations that are members in the International Diamond Manufacturing Association (IDMA), observers, guests and media.
The opening session, entitled “Diamonds in the Next Normal” featured speeches by WFDB President Yoram Dvash, IDMA President Ronnie VanderLinden, CIBJO President Gaetano Cavalieri and WDC President Edward Asscher. All addressed the changes that are taking place in the diamond and jewelry world and the need for the industries to adapt to them. Kim Pelletier, new CEO of Get Diamonds, the online diamond platform of the WFDB, presented the site's achievements and future plans.
Yoram Dvash said that although the coronavirus pandemic made 2020 a very, very challenging year, there is a return to demand in major markets. Dvash stressed, however, that the problems of the diamond industry were not only caused by the virus. “The industry has been suffering from a lack of profitability, a shortage of financing and reduced demand. It needs to transform to meet the demands of the twenty-first century. That means adopting the values of the day – transparency, sustainability and consumer confidence. It means working together with regulators to create rules and measures that benefit all.”
Later at the Working Session of the WFDB, Yoram Dvash, President of the Israel Diamond Exchange, was formally elected as President of the WFDB for a three-year term, after having served as Acting President since April. Lin Qiang, President of the Shanghai Diamond Exchange, and Moshe Salem, President of the Diamond Club West Coast in Los Angeles, were elected Vice Presidents. Rony Unterman was again elected Secretary-General and Mehul Shah was again elected Treasurer-General.
The Guangzhou Diamond Exchange was voted into the WFDB as the second bourse in the major market of China, after the Shanghai Diamond Exchange.