WFDB presidents meet in Shanghai to tackle industry challenges

The World Federation of Diamond Bourses (WFDB) has successfully concluded its annual Presidents’ Meeting for 2024 in Shanghai, China.

Written by Jewellery World

The World Federation of Diamond Bourses (WFDB) has successfully concluded its annual Presidents’ Meeting for 2024 in Shanghai, China. Over three days, industry leaders convened at the new Shangrila Hotel in Pudong to deliberate and strategise on pressing issues, including G7 restrictions, the emergence of synthetic diamonds, and the challenges facing the Chinese market.

Hosted by Shanghai Diamond Exchange president Lin Qiang, the meeting drew participation from bourse presidents worldwide, reflecting the international scope of the diamond trade. Notable Chinese dignitaries, such as Shanghai Vice Mayor Hua Yuan and Zhu Zhisong, Party Secretary of Pudong, added weight to the discussions. Delegations from the Ministry of Mines of Angola and Endiama, as well as representatives from Namibia, contributed diverse perspectives.

A central theme emerged from various expert panels and discussions: the necessity of collaborative efforts among industry organisations to address shared challenges. Under the leadership of WFDB president Yoram Dvash, the organisation is taking a proactive stance, exemplified by the recent joint letter to the G7 regarding diamond import restrictions. This initiative, organised by the WFDB and signed by influential entities including the World Diamond Council (WDC), Gem & Jewellery Export Promotion Council (GJEPC), and International Diamond Manufacturers Association (IDMA), has garnered overall support, demonstrating the industry’s united front.

In addition to panel discussions, WFDB leaders engaged in crucial meetings with Chinese government officials and prominent private companies. The focus was on advocating for substantial investments in large-scale marketing campaigns in the Chinese market, complementing existing efforts in the United States. The message found resonance on the Chinese side, indicating a shared commitment to bolstering the diamond market in the region.

The expert speakers at the meeting included industry luminaries such as Ye Zhibin (chairman of China Gem & Jewelry Association), Kent Wong (MD of Chow Tai Fook), Ahmed Bin Sulayem (Chairman of the Kimberley Process and ECCEO DMCC), Feriel Zerouki (chairman of the World Diamond Council), Marcus Lung (AD of De Beers), David Block (CEO of Sarine), Sissi Xu (CEO of Natural Diamond Council in China), Mahiar Borhanjoo (chairman of Uni Diamonds), and industry analyst Avi Krawitz.

As the diamond industry confronts evolving challenges, the WFDB’s commitment to fostering collaboration and addressing critical issues positions it as a central player in shaping the future of the global diamond market. 

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