The World Federation of Diamond Bourses (WFDB) concluded its annual Presidents’ Meeting for 2024, which took place in Shanghai, China. Over the course of three days, the meeting delved into the most critical issues confronting the global diamond industry, including the G7 restrictions, synthetic diamonds, and the challenges within the Chinese market, through expert panels, speeches, and discussions.
Hosted at the newly inaugurated Shangrila Hotel in Pudong, the Presidents’ Meeting saw participation from bourse presidents representing various corners of the globe, alongside esteemed Chinese dignitaries such as Shanghai Vice Mayor Hua Yuan and Zhu Zhisong, Party Secretary of Pudong. Delegations from the Ministry of Mines of Angola, Endiama, and Namibia also attended the event.
A pivotal takeaway from the numerous panels and discussions was the imperative need for collaboration among industry organizations to tackle the prevailing challenges, with the WFDB, under the leadership of President Yoram Dvash, identified as playing a central role in spearheading industry-wide initiatives. Notable among these efforts is the recent joint letter to the G7 addressing diamond import restrictions, orchestrated by the WFDB and endorsed by the WDC, GJEPC, and IDMA, garnering widespread support within the industry.
Moreover, WFDB leaders engaged in direct dialogues with Chinese government officials and prominent private entities to underscore the significance of investing in large-scale marketing endeavors within the Chinese market, complementing existing campaigns in the United States. This advocacy found resonance on the Chinese front, signaling a shared commitment to enhancing market dynamics.
