Declining profits in the spotlight at WFDB meeting

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The World Federation of Diamond Bourses (WFDB) executive committee (Exco) meeting and the Asia-Pacific presidents’ summit took place in Shanghai on March 9 and 10, with delegates discussing high rough prices and falling polished prices.

Regional WFDB presidents, along with WFDB President Ernie Blom, were hosted by the Shanghai Diamond Exchange for the meeting, which welcomed delegates from Thailand, the United Arab Emirates (UAE), Australia, Japan, Hong Kong, South Korea and Russia.

The main topics of discussion were declining profitability for the WFDB’s members due to high rough prices and falling polished prices, as well as the decrease in bank credit to the diamond trade and the necessity of boosting consumer demand via generic promotion campaigns.

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“The Exco Meeting and Asia-Pacific Presidents’ Summit once again proved its worth in providing a setting for comprehensive discussions on all the critical issues of the day that are affecting our members,” said WFDB President Blom.
“The Exco Meeting adopted a very firm stand on the issue of global standards of grading. We will have zero tolerance for flagrant abuse of grading standards.”

There was praise for the work of the World Diamond Mark (WDM) in promoting generic diamond marketing, and the success of its work in achieving cooperation with Turkey and Dubai.

Participants were told that the WDM’s new website has been launched, and in the coming months will be translated into Chinese. It will also feature WeChat, the Chinese version of Facebook.

Blom continued: “Coming to China, as with every previous visit, has again been an eye-opened. This is an incredibly important country for the diamond industry. It takes $2 billion of diamond imports and turns them into $9 billion of diamond jewellery sales.

“We also had the pleasure of being hosted by the vice-mayor of Shanghai who expressed his support for the diamond and jewellery trade. These were two days of very positive meetings where regional presidents put the issues that impact the most on the table for discussion.”

The Asia-Pacific Presidents’ Summit accepted an offer from the Korea Diamond Exchange to host next year’s meetings.

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