IDMA: How to sustain diamond industry

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IDMA: How to sustain diamond industry

April 01, 2009

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Antwerp, Belgium--Members of the International Diamond Manufacturers Association (IDMA) met in Antwerp, Belgium, on March 30 to discuss the measures needed to sustain the long-term growth of the diamond industry.

Attendees of the meeting, including the presidents of the 14 national diamond manufacturer associations, shared encouraging reports indicating that wholesale diamond markets are showing the first signs of recovery since the onset of the economic downturn, and that the balance between diamond supply and demand appears to be more favorable.

Meeting participants, however, cautioned all diamond industry members to act responsibly, and they unanimously agreed on the need for responsible credit practices throughout the diamond supply chain.

The IDMA also asked the governments of diamond manufacturing nations to help sustain the highly skilled and qualified workforce that the diamond industry has created.

The organization also expressed its continuing support for the World Diamond Council, and also its concerns about Zimbabwe's violations of the Kimberley Process Certification System. The IDMA issued a call to all members of the trade to exercise vigilance in dealing with diamonds originating from the Marange deposits. Comprehensive data, descriptions and photographs of rough diamonds mined at the Marange deposits have been widely circulated by the Kimberley Process working group of diamond experts aimed at making identification of the illicit diamonds easier.

The ban does not extend to diamonds mined at Murowa since that production is in compliance with the Kimberly Process.

In addition, the IDMA reaffirmed its support for the Diamond Development Initiative and its efforts to improve the working and living conditions of artisinal diamond miners and their communities in Africa.

The IDMA also stated that it continues to strongly support the work of the International Diamond Council and its efforts to bring about harmonization of diamond-grading nomenclature.

Established in 1946, the IDMA fosters and promotes the highest ideals of integrity and best practices throughout the diamond industry worldwide, as well as full compliance with all relevant national and international laws. The IDMA has 12 national member associations representing virtually all diamond manufacturers worldwide. For more information, visit the IDMA's Web site, IDMA.net.

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Industry calling for swift action on Zimbabwe

Jewelers of America is calling on the Kimberley Process to fully and quickly implement a work plan to address the serious concerns surrounding Zimbabwe's non-compliance with the Kimberley Process Certification Scheme, the system designed to keep conflict diamonds out of the international trade, and the reported human rights abuses in the Marange diamond fields. Read More

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