Diamond Firms 'need Correct Balance'

Published on 09/02/09

Diamond manufacturers must find the correct balance during the economic downturn, it has been claimed.

According to Moti Ganz, president of the International Diamond Manufacturers Association, the state of the market means the correct levels of labour force retention and the ability to service long-term clients must be found.

He said: "In a period of reduced demand for diamonds, it is important to maintain our industry's manufacturing infrastructure."

Mr Ganz added manufacturers, such as those who help produce items including platinum diamond rings and diamond bracelets, are sensitive to the performance of mining communities, many of which are struggling during the economic downturn.

He went on to say there is also concern regarding the industry's access to finance, however he claimed the sector "remains attractive" to banks.

In other news, Avi Paz, president of the World Federation of Diamond Bourses, recently stated international trade shows should show more support for loose gemstone exhibitors.