Wednesday, July 10, 2024

WFDB concludes a successful meeting of its Presidents in Shanghai

The World Federation of Diamond Bourses (WFDB) has successfully concluded its annual Presidents’ Meeting for 2024, which took place in Shanghai, China. Over the course of three days, industry leaders delved into critical topics affecting the global diamond trade, including G7 restrictions, synthetic diamonds, and the sluggish Chinese market, through a series of expert panels, speeches, and discussions.

Hosted at the newly established Shangrila Hotel in Pudong, the meeting saw participation from bourse presidents worldwide alongside distinguished Chinese guests, including Shanghai Vice Mayor Hua Yuan and Zhu Zhisong, Party Secretary of Pudong. Notable delegations from the Ministry of Mines of Angola and Endiama, as well as representatives from Namibia, were also in attendance.

A central theme that emerged from the deliberations was the imperative of collaborative efforts among industry organizations to address prevailing challenges, with the WFDB, under the stewardship of President Yoram Dvash, spearheading several industry-wide initiatives. Notably, the WFDB orchestrated a joint letter to the G7, co-signed by the World Diamond Council (WDC), Gem & Jewellery Export Promotion Council (GJEPC), and International Diamond Manufacturers Association (IDMA), rallying broad support across the sector.

Moreover, WFDB leaders seized the opportunity to engage directly with Chinese governmental officials and prominent private enterprises, advocating for increased investment in comprehensive marketing campaigns tailored for the Chinese market, complementing ongoing efforts targeting the United States. This call to action garnered favorable responses from Chinese stakeholders.

Distinguished speakers contributing their insights during the meeting included Ye Zhibin, Chairman of China Gem & Jewelry Association; Kent Wong, Managing Director of Chow Tai Fook; Ahmed Bin Sulayem, Chairman of the Kimberley Process and Executive Chairman and Chief Executive Officer of DMCC; Feriel Zerouki, Chairperson of the World Diamond Council; Marcus Lung, Associate Director of De Beers; David Block, CEO of Sarine; Sissi Xu, CEO of the Natural Diamond Council in China; Mahiar Borhanjoo, Chairman of Uni Diamonds; and industry analyst Avi Krawitz.

The gathering served as a platform for robust exchanges and strategic collaborations, underlining the commitment of the diamond industry to navigate challenges collectively while fostering sustainable growth and development.

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