IDI's Ganz: There's enough rough

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IDI's Ganz: There's enough rough

February 11, 2008

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Tel Aviv, Israel—There's no shortage of rough diamonds and plenty of polished.

That was the message delivered today by Israel Diamond Institute (IDI) Chairman Moti Ganz to diamond miners, manufacturers and producing countries at the Third International Rough Diamond Conference in Tel Aviv.

In a session titled "Producer Strategies," Ganz disputed claims that there is not enough rough in the pipeline, and said that manufacturers have accumulated polished stock in an unprecedented volume of $14 billion to $17 billion.

He also called on rough producers to stop using tenders and auctions, which he said hurts manufacturers and, in the long run, the producers themselves.

"What hurts manufacturers will also hurt the rough producers—countries that base their income, or a considerable portion of it, on rough diamonds," Ganz said in a statement.

Ganz said that rough diamonds have no value without the manufacturers, and that they must receive a rough supply on a regular basis according to periodic, fixed sortings.

"Only under these conditions can I commit to chains and stores...Only thus can I guarantee that the rough you produce will be worth something to the customer in the store," Ganz said.

Ganz also said manufacturers must stop purchasing rough and polishing diamonds for stock.

"All industries, worldwide, have moved to manufacturing by demand...Only the diamond industry has failed to join this global trend," he said.

Ganz also implored rough producers to promote diamonds as a luxury product, spending 3 percent of sales turnover on advertising.

"In the long run, this investment will be repaid, as the awareness of diamonds increases in the consumer market," he said.

De Beers Managing Director Gareth Penny, Harry Winston Diamond Corp. President Bob Gannicott, Gem Diamonds Managing Director Clifford Elphick, Alrosa President Sergei Vybornov, Namdeb Managing Director Inge Zaamwani, Mwana Africa Chief Executive Officer Kalaa Mpinga and Petra Chief Executive Officer Adonis Pouroulis also attended the session.

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