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WFDB president calls for diamond-supply reduction

October 13, 2008

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Antwerp, Belgium--In light of the current global economic crisis, World Federation of Diamond Bourses (WFDB) President Avi Paz is asking diamond miners to cut back on the amount of rough diamonds supplied to the industry.

According to a release issued on Sunday, Paz said that the quantity of rough diamonds marketed worldwide affects the stability of the industry and, particularly, the industry's global bank debt.

He said the mining companies can help enhance the industry's stability by reducing the volume of rough diamonds supplied to the market.

"Such action is imperative and necessary not only for the diamond industry, but also for the rough-producing countries, the global banking system and the diamond-mining companies themselves," Paz said.

Paz said in the past several years, the diamond industry has shown itself to be a "secure and sound" industry and, in the midst of today's turbulent economy, has the opportunity to be a beacon of hope.

Diamonds, Paz said, also present an attractive channel for investment, making it vital that key industry players protect their worth.

"Consequently, it is essential that the key players in the industry maintain the value of the diamond and, as a result, the financial stability of our sector. I appeal to the mining companies to exercise the utmost responsibility and prudence in this complex situation," he said.
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