Dear Friends,
Last week we held a very successful Executive Committee meeting in Milan, hosted by Italian Diamond Bourse President Luigi Cosma. We were happy to have almost all the members in attendance, with others joining us by Zoom. We held informative discussions about a range of issues of importance to the WFDB and the world diamond industry. We also heard detailed reports about the individual markets by bourse presidents.
As I said at the EXCO meeting, despite the challenges the industry is facing we are beginning to see some positive signs. Rough production is being restricted by the major producers and large companies have cut back polished manufacturing by 50 – 60%, which together are leading to shortages of popular goods. All in all, there is hope in the U.S., the major market for diamonds, for a good holiday season.
We also discussed the importance of more natural diamond marketing in the U.S. and other markets. As luxury items, diamonds are competing with many other products, including travel and other experiences, especially among the younger generation. We must bring to the consumer the everlasting message of love and commitment that only natural diamonds can symbolize. And we must inform the consumer about how diamonds contribute to producing countries.
A step in this direction was decided at the EXCO meeting: to establish a dedicated WFDB Diamond YouTube channel to educate about natural diamonds. We will hire a company to produce professional videos about natural diamonds and to promote them on social media. We are also seeking ways to cooperate with other organizations in marketing campaigns. The Natural Diamond Council is working tirelessly around the world to promote natural diamonds, and we applaud their efforts. We are also pleased by the efforts of the Shanghai Diamond Exchange to promote natural diamonds in the Chinese market, as well as by Chow Tai Fook and De Beers campaigns in China and Hong Kong.
Another decision we took at the EXCO meeting is to strengthen the WFDB’s connections with leading diamond and jewelry organizations around the world, by convening regular meetings to share thoughts and new ideas.
It was announced that the Presidents’ Meeting in 2025 will take place in the U.S. You’ll receive more information about this at a later date.
Thank you for your continued support and cooperation.
Warm regards,
Yoram Dvash
