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Signs of Spring are all over and the earth is emerging from its winter slumber. Spring signifies renewal and we are indeed seeing certain early signs of renewed growth in the diamond industry. The latest Hong Kong show was better than expected, and we saw improved sentiment and some increased demand in the Hong Kong and China markets. In addition, Southeast Asian markets like Thailand, Indonesia, the Philippines, and Cambodia are showing growth. This is indeed very good news, and we hope that these first signs of recovery will lead to improved growth in the very important Chinese and Asian markets. In recent days I have spoken to key players in the Chinese diamond industry and for the first time they are seeing a rise in import and export figures. This is an encouraging sign indeed. We are also seeing a small positive indicator for the industry in the Rap list, which has reported price rises in a few different categories. In the United States, there is also a sense of cautious optimism. Inventories in the midstream have been reduced and demand appears to be picking up. While we won’t see significant growth in the first half of 2025, we are reaching stability in the market due to a better correlation between supply and demand. As I have written here before, so much depends on the entire industry working together. We see that by being proactive and working together we have been successful in curbing supply and midstream inventory levels. Just as there is an understanding that maintaining stability across the pipeline must be a shared responsibility, we also understand that creating demand for natural diamonds must also be shared throughout the industry. All parts of the pipeline must look beyond their sectoral interests and work together for the benefit of the entire diamond industry. If this past year, with its tremendous challenges, has taught us anything, it is that we all share responsibility for the future success of the industry. Warm regards and happy holidays, Yoram Dvash

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