Yoram Dvash, World Federation of Diamond Bourses (WFDB) president, commented the results of the Executive Committee meeting in Milan.
“As I said at the EXCO meeting, despite the challenges the industry is facing we are beginning to see some positive signs. Rough production is being restricted by the major producers and large companies have cut back polished manufacturing by 50 – 60%, which together are leading to shortages of popular goods. All in all, there is hope in the U.S., the major market for diamonds, for a good holiday season,” wrote Yoram Dvash in his letter.
He noted that EXCO meeting also discussed the importance of more natural diamond marketing in the U.S. and other markets.
“As luxury items, diamonds are competing with many other products, including travel and other experiences, especially among the younger generation. We must bring to the consumer the everlasting message of love and commitment that only natural diamonds can symbolize. And we must inform the consumer about how diamonds contribute to producing countries,” wrote WFDB president.
The participants of the EXCO meeting decided to establish a dedicated WFDB Diamond YouTube channel to educate about natural diamonds and to strengthen the connections with leading diamond and jewelry organizations around the world, by convening regular meetings to share thoughts and new ideas.
Yoram Dvash announced that the WFDB Presidents’ Meeting in 2025 will take place in the U.S.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
