The goal of the World Federation of Diamond Bourses in the next few post-financial crisis years is to lead the diamond industry forward, WFDB President Avi Paz told participants at the 2010 China Diamond Conference, which took place in Shanghai on November 30-December 1.
In his speech entitled “Leading World Diamond Industry Facing the Financial Crisis,” Paz told the Shanghai audience that the international diamond trade “must market the diamond whist fighting to preserve its purity and maintaining transparency at every stage, from the mine to the store.”
He noted that diamonds had an advantage in the increasingly competitive luxury goods markets. “The expensive designer bag that my wife bought last year will soon be out of fashion” – a diamond is always in fashion, he said to illustrate his point. Diamonds, on the other hand, carry a “message of purity, eternity and love,” in addition to being a valuable commodity.
The WFDB president said that the message that “a diamond is forever” is one that must be passed on to developing markets. Not only is a diamond forever, he said, its value is also forever, and that is a message that must be passed on to developing markets.
Paz said that the global financial downturn had been “traumatic” for the diamond industry, but that the sector had “demonstrated strength and resiliency.”
Once the financial crisis took hold, Paz told the audience, the WFDB had made it its main goal to see that the diamond trade adopted “far-reaching changes in our concept –
When assessing the industry’s recovery, Paz noted that while polished diamond import levels had not yet returned to what they had been pre-crisis, the numbers indicated recovery. He observed that the diamond trade was recovering much faster in Asian markets, particularly China and India.
The 2010 China Diamond Conference was organized by the Diamond Administration of China, the Antwerp World Diamond Centre, and the Shanghai Diamond Exchange to promote the development of the Chinese diamond industry. The theme of this year’s conference was “World Diamond Industry: How to Enter the New Decade.”