A call for contributions to the IDMA agenda in Dubai.
“Can we stop talking about it and deal with our real problems?” one of my colleagues in IDMA asked. “Why are we so obsessed with it?”
No, my colleague was not talking about the presidential elections in the USA, or, about Donald Trump. Though we wish our diamonds would get that much attention! In a positive way of course….
He was talking about the disproportional attention given to synthetic or lab-grown diamonds, and more importantly, the need to look at what really should be on our agenda at the upcoming 37th World Diamond Congress in Dubai. No worries, we’ll talk about lab-grown diamonds as well – but not too much.
For manufacturers, the diamond industry’s financial health is a number one concern. It is obvious that we will be needing a wider choice of partners when seeking to finance rough diamond purchases, and therefore, it will be one of the most important issues on the agenda for both IDMA and the WFDB. To illustrate, Standard Chartered Bank announced it will be demanding more loan protection from clients in the Indian and Belgian diamond trade, as the bank seeks to tighten standards according to reports in the international business press. " After lending about $2 billion to the industry, the London-based bank reportedly is asking diamond-processing clients to get payment insurance or to provide 100 percent collateral" Bloomberg reported.
In Dubai, IDMA and the WFDB, which were the two original founding organizations of the World Diamond Council, will use their joint meetings as a platform to hammer out and update our policies on conflict diamonds - a most important challenge.
Another challenge that is expected to be discussed once again, is the demand by many manufacturers for a rough diamond trader / seller to reveal the results of a Sarine Galatea scanning analysis. Rough diamond dealers should be obliged to inform the potential buyer that a report does exist, and this should be confirmed by a laser inscription on the stone.
Among the other topics to be discussed will be our market conditions and the need to rekindle consumer desire for diamonds and diamond jewelry. Alex Popov, chairman of the World Diamond Mark Foundation (WDM) said recently that “fortunately, we have woken up and become alert to the need to help ourselves, since no one else is going to do it. And in Dubai, it will become crystal clear that to help ourselves, to boost demand and rekindle consumer desire for diamonds and diamond jewelry among consumers, we will have to put our hands in our own pockets, country by country, organization by organization, bourse by bourse, company by company and bourse member by bourse member.”
What else you ask?
There are plenty of challenges facing our great industry, but we would greatly appreciate to hear back from you, our members, to complete our agenda. The floor is wide open for your suggestions and proposals. Please send them! We're waiting...
In closing: please register, make your travel plans and participate. If you want to be heard, speak up, contribute – and argue, join us and your colleagues in Dubai!
SEE YOU THERE!