WFDB Exco Meeting and Asia Summit Discusses Declining Profitability
March 11, 15
(IDEX Online News) – The World Federation of Diamond Bourses (WFDB) Executive Committee (Exco) Meeting and Asia-Pacific Presidents’ Summit has ended a two-day meeting in Shanghai. Among the topics under discussion were declining profitability for WFDB members due to high rough prices and falling polished prices, the reduction in bank credit to the trade and the need to boost consumer demand via generic promotion campaigns.
The meeting, which was attended by presidents of diamond exchanges in the region, including China, Thailand, the United Arab Emirates (UAE), Australia, Japan, Hong Kong, South Korea and Russia, also discussed the issue of global grading standards.
"The Exco Meeting adopted a very firm stand on the issue of global standards of grading,” said WFDB president Ernie Blom. “We will have zero tolerance for flagrant abuse of grading standards.”
The next Asia-Pacific Presidents’ Summit will be hosted by the Korea Diamond Exchange.