Bank Financing Hot Topic as IDMA Meeting Ends

(IDEX Online News) – The 2013 IDMA Presidents' Meeting held in Antwerp has ended following discussions between members from Belgium, Botswana, China, Germany, India, Israel, the Netherlands, Russia, South Africa and the U.S., with bank financing being a main topic for discussion.

The IDMA members committed to holding a meeting during the first quarter of 2014 with representatives of the international banks that serve the diamond industry.

IDMA expressed concern over the long-term policies of the banks financing the diamond industry, as well as the strong imbalance between prices of rough and polished diamonds.

"The banks serving our industry must play a constructive role in contributing to the long-term stability of the industry as well as simply financing it," said IDMA Secretary General, Ronnie VanderLinden.

"We will have our meeting with the leading international bankers, in New York, during the first quarter of 2014," he added

On the second day of the meeting, the IDMA leaders signed a memorandum of understanding with the World Diamond Mark Foundation (WDMF), agreeing to share common goals in seeking to sustain and improve consumer desirability and confidence in diamonds and diamond jewelry.

Meanwhile, IDMA President, Maxim Shkadov expressed his satisfaction over the willingness and the unanimous commitment of all IDMA members present to address their common industry challenges. "The quality of the discussions was high as we not only focused on the immediate conditions manufacturers are facing, but also on strategies to ensure long-term stability and growth of the industry at large," he said.