Paz asks for reduced rough supplies

To encourage the diamond industry sustain the present global economic crisis, and for it to be a contributor to development, Avi Paz, president of the World Federation of Diamond Bourses (WFDB), has requested the diamond mining companies to reduce the quota of rough diamonds they supply to the industry for marketing worldwide.

Paz said. "The quantity of rough diamonds that is marketed worldwide greatly affects the stability of the industry, and in particular the industry's global bank debt. The mining companies can enhance stability at this point in time by reducing the volume of rough diamonds they are supplying to the market. Such action is imperative and necessary not only for the diamond industry, but also the rough producing countries, the global banking system and the diamond mining companies themselves."

He insisted that the stability of the world diamond industry is very crucial at this point of the economy, and to the international banking system. Crediting the world diamond industry with its goodwill of being both secure and sound, Paz said that if the industry works intelligently, it can help foster a sense of security in the present economic crisis. Diamonds could provide an investment option. For this, key players in the industry must maintain the value of the diamond, and as a result the financial stability of this sector.