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"Internalise Lessons from Slowdown" : WFDB Congress
Credit, tender and memo sales highlighted as key issues
By: Diamond World News Service
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Jul 14 2010 1:03PM
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Reference: 5132  

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The World Federation of Diamond Bourses (WFDB) concluded its meetings at the 34th World Diamond Congress in Moscow, calling on the industry as a whole to internalise the learnings from the economic slowdown. "Internalise" WFDB President Avi Paz, said "The WFDB calls upon its members to continue implementing policies such as a greatly reduced dependence upon memo sales and a reluctance to extend lengthy terms of credit."

On the issue of credit, the WFDB General Assembly also called for increased cooperation with banks financing the diamond industry. The focus was to make credit available to all sectors of the industry, including small and medium sized companies as the diamond market enters a new growth phase.

Addressing the rough diamond producers, the WFDB General Assembly noted they should allocate sizable volumes of merchandise for sale outside of the tender system, which places smaller and medium manufacturers at a disadvantage. Also, since when buying on tender it is impossible to know for certain what goods will be obtained and at what price, it is difficult to implement long-term strategic planning, including manufacturing and marketing programmes.

A defining moment also at the Assembly was WFDB resolving to accept representatives of governments of diamond producing countries as "nation-affiliated members," for the very first time since its inception. The non-affiliated members will be eligible to participate in World Diamond Congresses and Presidents' Meetings, and to receive benefits accruing from their membership.

It was also decided to conduct the 2011 Presidents' Meeting in Dubai, and hosted by the Dubai Diamond Exchange. Mumbai is finalized as the venue of the 35th World Diamond Congress in 2012, to be hosted by Bharat Diamond Bourse.

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