Fairs & Events | Diamond

Rough diamond market to be centre of discussions at IDMA meetings in Moscow

The International Diamond Manufacturers Association (IDMA) is setting its agenda for the three-day World Diamond Congress which will be held in Moscow from July 11 to 13.

“The developments in the rough diamond market and the way these affect our businesses will be at the top of our agenda,” said Moti Ganz, president of IDMA. “In Moscow, we will take a good look at the difficult position of diamond manufacturers in the supply pipeline. On the one hand, we continue to buy rough diamonds for cash payments, while on the other, our clients continue to demand we provide them with favourable, long-term credit for the polished goods we produce.”

Diamond manufacturers are determined to phase out their traditional role as those who bear the brunt of the financial burden in the diamond supply pipeline, Mr Ganz said.

“The recent economic crisis has driven home the message that the financing structure of the diamond supply pipeline needs to change and that its burden must be carried by all parties throughout the pipeline and not only by the manufacturers,” he said in a media statement.