IDMA President highlights diamond manufacturers’ woes

Maxim Shkadov, president of the International Diamond Manufacturers Association (IDMA) spoke emphatically on the difficulties faced by diamond manufacturers today, stating ‘diamond manufacturers worldwide are fighting for their survival caught between the rough diamond supply system that is foul and faulty - and a vertically integrated financial structure that basically continues to bleed them’.

"IDMA is the sum of 15 member organizations and our members are the beating heart of the diamond industry and trade," Shkadov said. He addressed a gathering a day before the official opening of the 36th World Diamond Congress in Antwerp, Belgium. He stated that the most important issues will be brought forth at this Congress including rough diamond distribution and pricing, use of technology and due diligence in rough marketing, financing and the banks, generic marketing, sustainability, responsible sourcing and reputational issues.

He also mentioned that IDMA would be conscious of its contribution in the rapidly changing diamond industry and market, as ‘currently, our members' impact on developments in the supply pipeline is minimal’. He urged the industry to alter its outlook towards the diamond manufacturers, who are the beating heart of the diamond trade, and without whom the whole industry body will collapse and die."

The World Diamond Congress is held by IDMA and its sister organization the World Federation of Diamond Bourses (WFDB).