WFDB Ex­ec­u­tive Com­mit­tee De­bates Vi­tal Trade Is­sues

Solitaire - - SPECTRUM -

“In such chal­leng­ing times for the global di­a­mond trade, it was vi­tal to hear the views of ex­ec­u­tive com­mit­tee col­leagues from across the world ahead of the Pres­i­dents Meet­ing in Dubai in Septem­ber.”

The World Fed­er­a­tion of Di­a­mond Bourses (WFDB) held an ex­ec­u­tive com­mit­tee meet­ing at the Is­rael Di­a­mond Ex­change on June 24th, dis­cussing a wide va­ri­ety of sub­jects vi­tal to the in­dus­try, as well as moves to en­hance the rel­e­vance of the or­gan­i­sa­tion. The ex­ec­u­tive com­mit­tee also heard a re­view of syn­thetic di­a­monds and the state of the di­a­mond trade glob­ally from Martin Rapaport, chair­man of the Rapaport Group, as well as a pre­sen­ta­tion on blockchain, which it be­lieves is the fu­ture.

Among the other is­sues dis­cussed was the Sys­tem of War­ranties, led by Lon­don Di­a­mond Bourse pres­i­dent Alan Co­hen, and the WFDB so­cial me­dia cam­paign be­ing run by Rami Baron, pres­i­dent of the Di­a­mond Deal­ers Club of Aus­tralia.

The ex­ec­u­tive com­mit­tee ap­proved the ap­point­ment of an ex­ter­nal ad­vi­sor – for­mer Dubai Di­a­mond Ex­change chair­man Peter Meeus.

Rapaport spoke of the grow­ing role of lab-grown di­a­monds and how the di­a­mond trade needs to point out to con­sumers that such

stones are not a store of value and that their price will even­tu­ally fall sub­stan­tially. He also spoke about the gen­eral state of the di­a­mond trade, say­ing that the Chi­nese mar­ket was rea­son­able and the US mar­ket was strong.

Rapaport spoke about the dif­fi­culty of sales to mil­len­ni­als, and that the core US en­gage­ment ring sec­tor was not par­tic­u­larly strong. Mean­while, the mid­stream part of the pipe­line is un­der ex­treme pres­sure. He also raised other is­sues for dis­cus­sion, such as the need for in­creased trans­parency and ori­gin of sup­ply. He ex­plained that melee goods have been los­ing value since Jan­uary and that there is a se­ri­ous con­cern that prices for this cat­e­gory of goods of lower qual­ity and pu­rity will de­cline fur­ther.

“We had an ex­tremely pro­duc­tive meet­ing with ro­bust de­bates on a wide range of top­ics,” said WFDB pres­i­dent Ernie Blom. “In such chal­leng­ing times for the global di­a­mond trade, it was vi­tal to hear the views of ex­ec­u­tive com­mit­tee col­leagues from across the world ahead of the Pres­i­dents Meet­ing in Dubai in Septem­ber. We will re­ceive up­dates at that meet­ing on the is­sues raised here and also on a num­ber of other im­por­tant top­ics.

The ex­ec­u­tive com­mit­tee dis­cussed how the trad­ing of syn­thetic di­a­monds should be or­gan­ised in the most ap­pro­pri­ate way at WFDB-af­fil­i­ated ex­changes. Cur­rently, the di­a­mond ex­changes in India, Is­rael and Hong Kong pro­hibit trad­ing in syn­thetic di­a­monds on the floor of their di­a­mond ex­changes.

Yo­ram Dvash, pres­i­dent of the Is­rael Di­a­mond Ex­change and host of the meet­ing of the ex­ec­u­tive com­mit­tee, com­mented: “In the com­ing months, di­a­mond ex­changes will de­velop spe­cific com­mu­ni­ca­tion pro­grammes on so­cial me­dia to pro­mote our di­a­mond busi­ness. Con­sumers should be aware of what they are buy­ing as well as what the in­trin­sic value is of the prod­uct they are em­brac­ing. Through tar­geted cam­paigns on so­cial me­dia, it is our in­ten­tion to clar­ify the unique sell­ing propo­si­tion of nat­u­ral di­a­monds to the broad­est pos­si­ble au­di­ence.”

Mem­bers of the WFDB ex­ec­u­tive com­mit­tee dur­ing the meet­ing at the Is­rael Di­a­mond Ex­change.

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