Diamond Trade Positive

Published on 16/09/11

The diamond business community has good reasons to be in an optimistic frame of mind ahead of the Hong Kong Jewellery and Gem Fair and the upcoming Holiday season, said World Federation of Diamond Bourses (WFDB) President Avi Paz.

"As the pace of polished sales is now set in the major Asian markets, in particular in China and India, we have good reason to be optimistic about significant growth in those markets," Paz said. "I expect diamond prices to remain strong," he added.

Paz said the diamond and jewelry trade needs to be creative and identify opportunities in the established U.S. and European markets. "By taking an optimistic stance, we will contribute to the markets' and the consumers' mindset and motivate them toward recovery," he remarked.

The WFDB president said that the lessons learned during the economic downturn of 2008 and onward had led to substantial changes in the business models of the diamond trade. "Our industry recovered faster than other luxury product industries, reducing its financial debts while at the same time improving its production and sales. That is no small accomplishment," Paz said.