Dear Friends and Colleagues,
The global diamond industry is navigating one of the most complex periods in recent decades.
We are operating in an environment shaped by rapidly shifting geopolitical dynamics – regional conflicts, tensions among major powers, economic uncertainty and evolving consumer behaviour all influence the landscape in which we work.
The ongoing confrontation involving the United States, Israel and Iran, together with broader tensions across our region, are not distant developments. They directly affect markets, international trade flows and consumer confidence worldwide.
Against this backdrop, two of the world’s key diamond centres – the Israel Diamond Exchange and the Dubai Diamond Exchange – continue to operate while their regions face heightened geopolitical strain. Their members remain active, sustaining trade and helping ensure continuity across the global diamond pipeline. This resilience reflects the professionalism, discipline and collective strength of our international diamond community.
At the same time, our industry continues to face internal pressures. In recent months, major mining companies have implemented successive price adjustments, including two rounds of price reductions, to better align rough pricing with market conditions. For many diamantaires, particularly those holding higher-priced inventory, this has created real strain. Yet these adjustments may also help restore liquidity and momentum throughout the pipeline. Encouragingly, we are now seeing early signs of a reversal in the rough market: following recent price corrections, demand has begun to strengthen and, in some segments, premiums are again being observed.
In addition, the industry continues to face growing competition from lab-grown diamonds. It is important we address this with clarity and confidence. Natural diamonds are rare products formed deep within the earth over billions of years, carrying emotional, historical and symbolic value that cannot be replicated. Our responsibility as an industry is to communicate this truth clearly while upholding the highest standards of transparency and integrity across the supply chain.
In this context, I am pleased to share that at its most recent Executive Committee meeting, the WFDB approved a significant and dedicated budget for the global promotion of natural diamonds. Building on last year’s initiative, we will expand the programme this year and build momentum in coming weeks, particularly across digital and social platforms, and with a strong focus on younger consumers.
History offers a clear perspective: periods of instability are followed by phases of rebuilding, investment and renewed growth. In times of uncertainty, the world often rediscovers its appreciation for products that represent meaning, value and permanence – qualities embodied by natural diamonds.
As we navigate today’s challenges responsibly, we must therefore also prepare for the opportunities that will follow. Our industry must remain positioned for recovery, renewed demand, innovation and expansion into new markets.
The WFDB will continue to strengthen cooperation among diamond bourses worldwide, protect the interests of diamantaires, promote fair and transparent trade, and reinforce the position of natural diamonds in the global marketplace.
The diamond community has always demonstrated resilience. Through conflict, financial crises and market cycles, our industry has adapted, collaborated and moved forward together.
I am confident that by acting responsibly, maintaining unity and keeping our focus firmly on the future, we will navigate this period successfully and emerge even stronger.
Sincerely,
Yoram Dvash
President
World Federation of Diamond Bourses
