The Hindu : Business : Global diamond sales poised for a pick-up

Online edition of India's National Newspaper
Wednesday, Nov 16, 2005

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Business

Global diamond sales poised for a pick-up

Staff Correspondent

Demand in Christmas season to push up sales by 3-4 p.c.

DIAMONDS ARE FOR EVER: The President of World Federation of Diamond Bourses, Shmuel Schnitzer, with the President, International Diamond Manufacturers Association, Jeff Fischer, at a press conference in Mumbai on Tuesday. — Photo: Paul Noronha

MUMBAI: Global sales of diamonds are likely to go up by 3 to 4 per cent during the Christmas season, according to the World Federation of Diamond Bourses (WFDB).

Addressing the media on the concluding day of the biennial Presidents' Meeting of global organisations of the diamond industry, WFDB President Shmuel Schnitzer said while the demand for diamonds was good between January and June 2005, in the following months, it slipped owing to a number of factors like surging oil prices, natural disasters and interest rates.

"However, demand is likely to go up by 3-4 per cent in the Christmas season with business in the U.S. alone likely to be $16 billion,'' he said, adding that hopefully, the momentum would be maintained next year. The U.S. accounts for 50 per cent of global diamond consumption.

This was the first time that an official gathering of the WFDB had taken place in India and it was held in conjunction with the International Diamond Manufacturers Association (IDMA) and hosted by the Bharat Diamond Bourse and the Indian Gem and Jewellery Export Promotion Council (GJEPC).

The WFDB has accepted India as a permanent member of the executive committee.

Mr. Schnitzer said India was likely to emerge as a major diamond consumer in the next couple of years.

Jeff Fischer, President, IDMA, said, "The heads of the diamond exchanges totalling 25 and affiliated to the WFDB on Tuesday decided to stay out of the Council for Responsible Jewellery Practices (CRJP).

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