WFDB President calls for reduction in rough supply

In view of the global economic crisis, Avi Paz, president of the World Federation of Diamond Bourses, has appealed to diamond mining companies to reduce…
Posted in News

In view of the global economic crisis, Avi Paz, president of the World Federation of Diamond Bourses, has appealed to diamond mining companies to reduce the quotas of their rough diamond supplies.

Paz said that in this period of economic uncertainty, the world diamond industry was of vital importance to the international economy and banking system.

“The quantity of rough diamonds that is marketed worldwide greatly affects the stability of the industry, and in particular the industry’s global bank debt,” he said.

“The mining companies can enhance stability at this point in time by reducing the volume of rough diamonds they are supplying to the market. Such action is imperative and necessary not only for the diamond industry, but also the rough producing countries, the global banking system and the diamond mining companies themselves.”

Paz said the world diamond industry had shown itself to be “secure and sound” in recent years and now had the potential to offer “a beacon of hope” in the midst of a global economic storm.

“As a stable business opportunity, particularly in this turbulent period, the diamond even presents an attractive channel for investment,” he said.

“Consequently, it is essential that the key players in the industry maintain the value of the diamond, and as a result the financial stability of our sector.

“I appeal to the mining companies to exercise the utmost responsibility and prudence in this complex situation.”

arrow-rightcaret-downchevron-leftchevron-rightclosefacebook-squarehamburgerinstagram-squarelinkedin-squarepauseplaysearchtwitter-square