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WFDB: Maintain confidence in diamond industry

January 12, 2009

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Antwerp, Belgium--The World Federation of Diamond Bourses (WFDB) is urging its members to maintain confidence in the long-term prospects for the diamond industry, despite the slide in holiday spending and the current economic downturn.

According to a release from the organization, WFDB President Avi Paz said the drop in spending over the 2008 holiday season was inevitable, given consumers' general mood. But he also said the diamond industry will weather the storm, just as it has through past economic downturns and emerged stronger.

"Consumers are shell-shocked at present and, as such, they instinctively cut back on spending," Paz said. "But research conducted already after the onset of the financial crisis demonstrated that not only do diamonds retain their appeal, but they lead the luxury product category by a large margin."

In addition, the WFDB recently announced the launch of a dramatically upgraded Web site and a new site address: WFDB.com. (Previously the organization's Web page was housed at WorldFed.com.)

The site is designed to provide up-to-date information about the WFDB and its member bourses, as well as communicate the WFDB's position and policies on various issues facing the diamond industry.

New to the site is a news section with recent articles, messages from the WFDB president and the WFDB Newsletter.

The site also now contains a gallery section, with photographs of events involving the WFDB and its member organizations.

In addition, a portion of the new site is available only to WFDB office holders and bourses members. Here, bourse members can access their WFDB Web mail accounts, examine lists of suspended and expelled bourse members, and join in forum discussions with their committees.
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