Diamonds

Save E-mail Print Most Popular RSS Reprints

Leaders continue to offer guidance to diamond industry

February 09, 2009

Similar Stories | Topics

Antwerp, Belgium--The heads of two key diamond industry organizations have released statements offering aid to the industry in these trying economic times.

On Sunday, Moti Ganz, president of the International Diamond Manufacturers Association (IDMA), the representative body of the world's diamond manufacturers, said that despite the economic downturn, manufacturers must maintain a viable labor force with the ability to service long-term clients.

His remarks came in the wake of the closure of several factories in the world's diamond manufacturing centers due to the sharp drop in demand for diamonds.

"It has been our experience from previous downturns that when workers are laid off, they leave the industry and will not come back when the tide turns," Ganz said. "Huge capital investment and efforts have gone into training, and years of dedicated effort have made our highly skilled labor force one of our finest assets. Though the need to balance our inventories is unquestionably a high priority, it is not in our interests that the diamond mines be closed. These are extremely capital-intensive ventures and there is no certainty that they will reopen quickly enough to satisfy demand when the economic climate improves."

Following Ganz's statement, on Monday, World Federation of Diamond Bourses (WFDB) President Avi Paz issued a call to international trade fair organizers to better support the marketing efforts of diamond companies that exhibit at their shows.

"Many diamond companies today consider trade fairs as an integral component of their marketing strategy," he said. "However, the global financial crisis has forced these diamond firms to cut back on expenditures and that includes marketing budgets. In this business climate, it would serve both the trade shows and the diamond industry if the trade show organizers would go the extra mile to assist diamond companies in getting the maximum benefit."

Paz invited trade fairs to enter into "meaningful dialogue" with diamond companies on how to maximize the benefits of exhibiting at shows, including negotiations on cost of participation, positioning at shows and publicity.

"I will say again that I am confident the fundamentals of the diamond business are sound. However, all industry stakeholders and partners, including the trade shows, will need to make an extra effort to get us through this unprecedented period of difficulty," he said.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

Diamonds

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

Sotheby's reports record-breaking sales in Geneva
Diamond symposium focuses on 'new normal'
More Diamonds

More Like This

Diamond trading hubs cry out for credit help
December 18, 2008 | National Jeweler Network
IDI's Ganz: There's enough rough
February 11, 2008 | National Jeweler Network
IDI expands activities in Africa
November 08, 2007 | National Jeweler Network
IDI launches industry-management program
October 10, 2007 | National Jeweler Network
IDI launches Stage 3 of 'Together Works'
May 19, 2009 | National Jeweler Network
TOPICS
Business | Economic Crisis | Economic Issues | Marketing | National Economy

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement