Diamond industry gears up for China congress

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Diamond industry gears up for China congress

April 30, 2008

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Antwerp, Belgium—The approval of three new diamond bourses will be among the topics at hand next month when diamond industry leaders convene in China for the 2008 World Diamond Congress.

The congress is slated for May 12-14 at the Portman Ritz-Carlton Hotel in Shanghai, China, and will mark the first-ever World Diamond Congress held in China.

The biennial congress brings together the general assemblies of the diamond industry's two leading organizations, the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA).

Among the groups attending are delegations from the three bourses applying for WFDB membership: the Diamond Dealers Club of Australia, the Istanbul Gold and Diamond Exchange and the Panama Diamond Exchange.

WFDB President Ernest Blom said in a statement that this interest in WFDB membership is remarkable.

"In my memory, I cannot remember a congress where three new bourses formally applied to join the federation. And what is particularly exciting is that each of these bourses is located in markets that previously had not been represented. This bodes very well for our industry and the diamond market," he said.

In addition, Sergey Vybornov, president of Russian mining company Alrosa, will give the opening address at the congress, further underscoring his company's growing role in the diamond industry.

The Shanghai Diamond Exchange and the CCJP Diamond Manufacturers Association are hosting the congress, which is in its 33rd year.

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