Profitability and finance top of WFDB meeting agenda

Industry financing and falling profitability will be the leading topics at the World Federation of Diamond Bourses (WFDB) presidents’ meeting next month. 

The meeting, which will take place in Tel Aviv from June 14 to 16, will be led by WFDB president Ernie Blom, while De Beers group CEO Philippe Mellier will also participate in the debates on the difficulty of securing finance and declining profitability in the diamond trade.

Blom said that it was “no secret” that this is one of the most difficult periods for the global diamond trade.

“Securing financing is incredibly difficult,” he said, “and the drop in profitability is making that issue even worse for our members. Consequently, I have no doubt that the WFDB presidents, along with their counterparts from the International Diamond Manufacturers Association (IDMA), will be listening very carefully to Mellier’s comments.

“We will also be holding private talks with Mellier to understand better the viewpoint of De Beers in light of the tough trading conditions our members are having to cope with. A major aim will be to ensure that De Beers has a complete picture of the state of the diamond industry globally.”

Blom added that he “knows Mellier will be responsive to the industry’s concerns”, but said the time has come for the “industry to see moves by De Beers and other producers that enable manufacturers and others to be able to increase profitability”.