Tel Aviv: The IDMA members attending the 2015 Presidents’ Meeting welcomed the recently announced decision of the world’s leading diamond producers to establish the Diamond Producers Association (DPA), an organization committed to, among other matters, “maintaining and enhancing consumer demand for and confidence in diamonds including joint category marketing initiatives.
IDMA President Maxim Shkadov and Secretary General Ronnie VanderLinden both noted that an alliance of the major rough producers for the purpose of promoting the image of diamonds will prove invaluable to the future of our industry. The IDMA members were unanimous in their hope that the DPA would be allocating resources sufficient to make significant inroads into driving improved consumer demand for diamonds and diamond jewelry.
During their Monday afternoon session, diamond manufacturing association presidents from around the world, together with other industry members reiterated their support of the World Diamond Mark Foundation, a joint initiative with the World Federation of Diamond Bourses (WFDB) to drive consumer demand for diamonds.
The IDMA members also expressed their appreciation that continuing research and technological developments in the screening and detection of synthetic diamonds will maintain consumer protection and confidence in natural diamonds.
After hearing a detailed World Diamond Council (WDC) update from Edward Asscher, President of the World Diamond Council, the IDMA members applauded Mr. Asscher’s leadership. A more transparent and unified WDC advances the integrity and credibility of the diamond industry worldwide. Maxim Shkadov commented that while conflict diamonds are no longer a serious threat to the industry, largely due to the WDC’s efforts, “IDMA will remain vigilant and will promptly address the actions of any entity that undermines the industry’s integrity and consumer confidence in diamonds,” he stated.
Another major topic of discussion was the recurring theme of lack of profitability in diamond manufacturing. “While we recognize that the current situation is exaggerated by short term cycles, the systemic squeeze that manufacturers endure does not make for a healthy industry,” VanderLinden said. He issued a reminder to rough producers saying that “it is we who convert the vast majority of their rough into polished. New blood is critical to any industry. Without sustainable profit margins, what is the motivation for the young generation to join this industry”?
VanderLinden joined IDMA President Shkadov in applauding the creation of the DPA. “We anticipate that the producers will not only join us in dialogue about promotion, but in action”.
The 2015 Presidents’ Meeting was attended by IDMA members from Belgium, Botswana, China, Germany, India, Israel, the Netherlands, Russia, South Africa, Sri Lanka, Thailand and the USA.
