Ramat Gan: The World Federation of Diamond Bourses (WFDB) concluded its annual Presidents’ Meeting for 2024, held in Shanghai, China. The three-day meeting explored the most pressing issues facing the world diamond industry – the G7 restrictions, synthetic diamonds, and the lackluster Chinese market — with expert panels, speeches, and discussions.

The Presidents’ Meeting was held at the new Shangrila Hotel in Pudong and was hosted by Shanghai Diamond Exchange President Lin Qiang. It was attended by bourse presidents from around the world as well as by important Chinese guests, including Shanghai Vice Mayor Hua Yuan and Zhu Zhisong, Party Secretary of Pudong. A delegation representing the Ministry of Mines of Angola and Endiama attended as well as one from Namibia.

An important conclusion of the various panels and discussions was the necessity of collaboration among organizations in dealing with the challenges affecting the industry, and the key role of the WFDB under President Yoram Dvash in leading industry wide initiatives. One such example is the recent letter to the G7 in response to the diamond import restrictions, organized by the WFDB and signed by the WDC, GJEPC, IDMA, which is galvanizing industry-wide support.

In addition, WFDB leaders met personally with Chinese government officials and large private companies to promote the importance of investing in large-scale marketing campaigns in the Chinese market, to supplement and balance such campaigns in the United States. This message was met with agreement on the Chinese side.

Among the expert speakers at the meeting were 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.