IDMA criticise the lack of comprehensive generic diamond promotion

At the two-day International Diamond Manufacturers Association (IDMA) retreat in Israel, the members unanimously discussed the lack of cohesive and comprehensive generic diamond promotion, and expressed readiness to coordinate such a programme on behalf of the industry. The IDMA issues a statement at the meeting. The IDMA members present were, Jeffrey Fischer, IDMA president; Vasant Mehta, IDMA vice president (GJEPC of India); Moti Ganz, IDMA vice president, Uri Schwartz, Bumi Traub, David De Toledoand Udi Sheintal (the Israel Diamond Manufacturers Association); Eduard Denckens, IDMA vice president; Maxim Shkadov, IDMA vice president, Stephane Fischler, IDMA Secretary General and Treasurer, and others from diamond cutting and manufacturing bodies.

IDMA President Jeffrey Fischer affirmed that as the industry shifts to a demand driven model, IDMA has identified the lack of cohesive and comprehensive generic diamond promotion in the consumer market as a short-sighted failing on the part of the industry. " IDMA has resolved that it will take a leadership role in developing specific proposals to help remedy this situation. IDMA is calling upon all stakeholders to assemble with the express purpose of creating an ongoing industry-wide generic diamond promotion campaign. IDMA offers to act as the coordinator of this 'summit meeting' to address this important need and will announce a plan of action shortly," he stated.

Fischer said. " IDMA is concerned that current rough diamond prices are speculative. As a result, the diamond manufacturing sector is experiencing the collapse of already very thin profit margins. Producers - large and small - should take note and take appropriate action!”

The participants focused on internal organisational planning, matters of concern to IDMA membership, and issues confronting the wider diamond industry. The retreat was moderated by Chaim Even-Zohar of Tacy Consultants Ltd., and Charles Wyndham of WWW International Diamonds Ltd.