News from World Diamond Congress Dubai 2016 18.05.2016: Dubai, UAE, May 16-19, 2016 Intense and in-depth discussions during IDMA meetings at the

Dubai, UAE, May 16-19, 2016
 


Intense  and in-depth discussions during IDMA meetings at the 37th World Diamond Congress in Dubai, UAE


Members of the International Diamond Manufacturers Association (IDMA) attending the 37th World Diamond Congress began working through an agenda packed with topics that are generating intense and sometimes heated discussions among the attending delegates and officials.


In addition to topics such as current price development of rough versus polished, market inventory levels of polished, financing, synthetic diamonds and generic diamond promotion, the attending members also are discussing the membership make up, and how to engage more substantial and wider support from diamond manufacturers.

 
Just a day before the start of the WDC, IDMA President Maxim Shkadov announced he would be unable to attend the Congress due to developments in the Russian diamond market that required his undivided attention.


During the opening session, IDMA Secretary General Ronnie VanderLinden read Shkadov's prepared speech to the audience. The speech can be read on the home page of the IDMA website: www.idma.co.

   
While recognizing that there now seems to be across-the-board consensus in our industry that stability in the diamond manufacturing sector can only be achieved through profit, in his address, Shkadov emphasized that the diamond industry cannot and will not return to profitability without a healthy and reliable financing structure.


 "As the players in the supply pipeline will become positively aligned, it is our hope that the banks' will become confident enough with our industry to reinstate and strengthen financing structures to our sector," he said.
 
 
The outgoing IDMA president also addressed the attending African mining ministers and representatives present. "...the past decades have proven, time and again, that the various beneficiation models that have required manufacturers to establish cutting plants in your countries have not brought the desired results, for either side.


IDMA, I can assure you, would like to enter into dialogue with you, to find and implement business models that will bring your countries the highest possible revenues for your mined diamonds, and at the same time allow for an infrastructure that will ensure profitability for the manufacturers," Shkadov stated.
 



During the first days, the IDMA delegates listened to a presentation by Pranay Narvekar on the GJEPC KYC program and its implementation in the market, heard reports from the World Diamond Council's outgoing President Edward Asscher and WDC Executive director Patricia Syvrud.
 

The participants entered into detailed discussions on the need for the synthetic diamond producers to create a protocol and paper trail to protect the gem and jewelry supply pipeline and the consumers from fraud and noted with concern the synthetic sellers' current marketing practices that seem to concentrate on negative publicity about natural diamonds.
 

Jean Marc Lieberherr, CEO of the Diamond Producers Association, gave a general overview of the DPA's objectives, and invited all to attend the DPA's breakfast seminar on June 3 at JCK Las Vegas, where the DPA will reveal its consumer-oriented campaigns for the holiday season in the US.  


     
- IDMA, Antwerp- also photos