IDMA President calls on diamond industry to restructure diamond pricing

13.07.2010: ...urges KP to legitimize rough diamonds from Marange, Zimbabwe Moti Ganz, President the International Diamond Manufacturers Association (IDMA) called on the members of the international diamond manufacturing community to rewrite the rules of diamond

...urges KP to legitimize rough diamonds from Marange, Zimbabwe


 
Moti Ganz, President the International Diamond Manufacturers Association (IDMA) called on the members of the international diamond manufacturing community to rewrite the rules of diamond financing and to ensure a decent return of capital invested. He delivered his remarks at the Opening Ceremony of the 34th World Diamond Congress that is taking place in Moscow, Russia, July 11-13.
 
In his address, Ganz noted that the industry is currently at a crossroads and that it has the power to make the post-crisis situation a defining moment in the diamond industry's history.
 
"The current demand for rough diamonds exceeds the supply and there is a growing shortage of certain articles that are in high demand,' Ganz stated. "Yet despite the shortage of rough, the polished retailers are still setting the terms of trade: they are dictating the prices, the periods of credit, the volumes they want on consignment..." he said.
 
In the diamond industry's prime target market, the United States of America, jewelry stores are either closing or are having a hard time turning a profit, Ganz said. The facts on the ground show that the US market is reducing its market share in polished diamond sales, though it is still leading. The demand in the United States is on the decline in terms of quality, as well. The current focus is on lower quality and lower prices, at a time when many in the industry would like to see the market return to consuming high-quality goods.
 
In addition, prices of precious metals, such as gold and platinum have risen significantly. "But," Ganz pointed out, "consumers can still buy three pieces of diamond jewelry for the price of one Louis Vuitton bag. The price of diamonds today should be at least 200 percent more than their price in the 1990s. Just look where gold and platinum are and look where we are!"
 
"The time has come to put an end to this,' Ganz continued. "We need to realize that the downstream pipeline, from jewelry manufacturers, through distributors to retailers, has depleted its stock and is now in a replenishment mode. But the consumers haven't returned yet to the stores. That 's why we have to be cautious in our dealings with the retail sector."
 
Ganz said that in this market situation, manufacturers need to assure they get a decent return on their capital and financial risks, a pre-condition to keep their businesses on a healthy, responsible and sustainable financial footing.
 
"Today there are no inventories with the producers; they are selling current production immediately. There is no stock in the jewelry stores, and they are replenishing. This is our chance, and it may be a once-in-a-lifetime opportunity. If retailers they want our increasingly scarce product, they will have to pay a realistic and fair price," Ganz declared..
 
With regard to the current crisis in Zimbabwe, Ganz urged the participants in the Kimberley Process Certification Schedule to accept the findings of the report of Abbey Chikane, the Kimberley Process Monitor for Zimbabwe, and to move quickly to include Zimbabwe's rough diamonds in the legitimate diamond pipeline. Chikane, he said, has declared the diamonds from Marange to be legitimate. Chikane  "knows what he is talking about. I ask all of you to read his report carefully," Ganz stated.
 
The IDMA president concluded his address, saying that by failing to allow Marange diamonds to be traded legitimately, the industry was setting the scene for an untenable situation in the rough market. "We need to do this to better the lives of the people of Zimbabwe. We need to do so immediately because the release of the vast quantities of rough diamonds that are accumulating into the diamond pipeline all at once will cause a catastrophe [in the market]," Ganz said.
 


About IDMA:

The International Diamond Manufacturers Association (IDMA) was founded and convened for the first time in 1946 in Antwerp. It is committed to fostering and promoting the highest ideals of integrity and best practices throughout the diamond industry worldwide, as well as full compliance with all relevant national and international laws.

Towards this end, the organization has developed and adopted a Code of Conduct which is binding on all members. IDMA also works to encourage fair and honorable practices and decent working conditions for those employed in the diamond industry; and to preserve, protect and promote the trust and confidence of consumers with respect to diamonds and diamond products. It encourages and supports social responsibility by the diamond industry worldwide.

IDMA seeks to take a unified leadership role on all issues affecting the industry and convenes bi-annually, at the same time as the World Federation of Diamond Bourses (WFDB). The Congress includes a session of the general assemblies of both organizations, where joint resolutions are passed on current issues of concern.  IDMA played an active role in establishing the Kimberly Process and is a co-founder of the World Diamond Council.  IDMA has 12 national member associations representing virtually all diamond manufacturers worldwide. Visit the IDMA website at: www.idma.net.


Ronnie VanderLinden, Ya'akov Almor

Permanent-URL: http://www.automobilsport.com/idma-president-diamond-industry-restructure-pricing-kp-marange-zimbabwe-moti-ganz---83188.html

13.07.2010 / MaP

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