The World Federation of Diamond Bourses has appointed its new president, Yoram Dvash, who was welcomed at the virtual opening of the World Diamond Congress this week after giving a sombre speech.
He said that although the coronavirus pandemic made 2020 a challenging year, there has been a return to demand in major markets.
Dvash stressed, however, that the problems of the diamond industry were not only caused by the virus.
He said: “The industry has been suffering from a lack of profitability, a shortage of financing and reduced demand. It needs to transform to meet the demands of the twenty-first century.
“That means adopting the values of the day – transparency, sustainability and consumer confidence. It means working together with regulators to create rules and measures that benefit all.”
He will serve for a three-year term in his new role after stepping up as acting president in April this year.
Other speakers at the event included IDMA president Ronnie VanderLinden, CIBJO president Gaetano Cavalieri and WDC president Edward Asscher.