Dear Friends,
Bourse presidents from around the world came together in Shanghai in early March for WFDB 2024 Presidents’ Meeting. This was an opportunity to discuss the most pressing issues facing the industry – the G7 restrictions, synthetic diamonds, and the lackluster Chinese market, which we did in expert panels, presentations, and intensive working sessions. It was also an opportunity to make some important changes to the WFDB International Arbitration procedures.
The meeting was hosted by Shanghai Diamond Exchange President Lin Qiang. We met with Chinese VIPs, including Shanghai Vice Mayor Hua Yuan and Zhu Zhisong, Party Secretary of Pudong. We also welcomed delegations from the Ministry of Mines of Angola and Endiama and from Namibia.
We held panels on Marketing Natural Diamonds in Chinese markets and on the G7 Sanctions. What came up at all the panels and discussions was the necessity of working together as an industry in dealing with our pressing challenges, and the key role that the WFDB can play in leading industry wide initiatives. For example, the recent letter we organized to the G7 in response to the diamond import restrictions, with the cooperation of the WDC, GJEPC and IDMA, which is being distributed to the entire industry through our bourse network and social media.
In Shanghai we had the opportunity to stress the importance of major marketing campaigns to promote diamond sales in China in meetings with government officials and large private companies. I was gratified to learn that the Shanghai Diamond Exchange, with the support of the government, will be embarking on a marketing promotion for natural diamonds and that several private companies will also be launching major campaigns promoting natural diamonds.
I would like to thank the WFDB bourse presidents and vice presidents for their participation. I would also like to thank the guest speakers who provided their expertise at panels and lectures, among them Ye Zhibin, Chairman of China Gem & Jewelry Association; Kent Wong, MD of Chow Tai Fook; Ahmed Bin Sulayem, Chairman of the Kimberley Process and ECCEO DMCC; Feriel Zerouki, Chairman of the World Diamond Council; Marcus Lung, AD of De Beers; David Block CEO of Sarine; Sissi Xu CEO of Natural Diamond Council in China; Mahiar Borhanjoo, Chairman of Uni Diamonds, and industry analyst Avi Krawitz.
On another note, at the meeting we agreed on important changes to the WFDB International Arbitration procedures, which simplify the process, making it faster and more efficient. (See item below.)
Regards,
Yoram Dvash
