Last week we held a very successful EXCO meeting in London, hosted by London Diamond Bourse President Alan Cohen. Almost all of the members attended and others connected to the meeting by Zoom. We held lively and informative discussions about a range of issues of importance to the WFDB and the world diamond industry.
As I said at the EXCO meeting, we are at a critical time for the diamond industry. The previous year and the first half of this year were extremely positive for the global diamond and jewelry industry, with huge growth in all parameters. The second half of 2022 has seen a slowing down of demand and a certain decrease in prices.
Although in past times of economic instability the diamond industry, as a luxury category, was among the first and hardest hit sectors, this time we have been impacted later and to a lesser degree than other sectors. Our situation is reasonable, and projections for the holiday season are still positive.
However, with the turbulent economic conditions and rising interest rates, we must each take care to run our businesses sensibly and responsibly. We look forward to 2023 and hope for better conditions in the coming year.
Warm regards, Yoram Dvash