Presidents Meeting Day One

In his ‘State of the Federation’ speech, WFDB President Ernie Blom, told the assembly that the organization holds a prominent position in the trade. He also stressed the importance of cooperation between industry bodies such as WFDB, and CRJP, as well as between rough players, banks and even gem labs.

Blom noted that De Beers' decision to let go of its custodian role raises concerns. Regarding recent decisions concerning Diamdel, he said, “It’s not for me to question De Beers, but victims will fall.”

Echoing some of these concerns, IDMA President Jeff Fischer told the gathering of diamond exchange heads and leaders of the manufacturing sector that an industry that once had an endless number of medium and small size businesses is now dwindling.

Fisher recommended that the industry accept the fact that changes are taking place and be open to new ideas.

Throughout the course of the opening day, participants examined the development of projects such as the WFDB Mark, heard progress reports from industry teams focusing on issues such as gem labs, and received updates about issues ranging from new legislation in South Africa to ideas about diamond pricing and investments.

The two-day congress will conclude Tuesday evening following a series of working sessions.