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Diamond groups mull alliance amid challenges

6 November 2018


 

The International Diamond Manufacturers Association (IDMA) and the World Federation of Diamond Bourses (WFDB) want to work together to collectively address challenges in the diamond manufacturing sector.

IDMA President Ronnie VanderLinden made the announcement at the 38th World Diamond Congress in Mumbai, which concluded on October 25.

According to VanderLinden, a changing diamond manufacturing landscape raises the need for the diamond trade to unite under one banner and speak with a unified voice. “We started speaking with our colleagues in the WFDB many years ago, but at this congress, we have made significant progress toward this goal,” the IDMA official added.

He added, “The health of the entire industry depends on the health of the middle market, which plays an important and indispensable role in the entire supply chain. The industry’s current, difficult environment requires a more united and coordinated effort and approach, especially when we consider pressing issues like the search for new, alternative financing partners and the many reputational issues we are facing.”

An IDMA proposal, presented during the congress, will serve as platform for further discussions, the association said.

VanderLinden also welcomed newly elected IDMA Vice President Prince Mbetse, president of the South African Diamond Manufacturing Association; and Secretary-General Matthew Schamroth, board member of the Diamond Manufacturers & Importers Association of America, at the diamond congress.