The afternoon of the second day of the World Diamond Congress saw an industry panel touch upon a spectrum of issues and concerns and at the same time highlighting the positives of the two-day conference.

“The message from Russia is clear: we are ready to work together with manufacturing centres to supply rough,” said Maxim Shkadov, President IDMA and President, Russian Diamond Manufacturers’ Association. “However, we have to do manufacturing in Russia as well.”

He emphasised that transparency was most important, otherwise it was very difficult to do business with the other party.

“Free trade between Russia and India is a positive proposal,” he said referring to the Indian PM’s statement on the first day. “Russia’s jewellery sector has  been on the international market for 50 years and we do not produce the type of jewellery that India does.”

Stephane Fischler President of the AWDC said that it was always good when the industry had high level talks like those being held at the Conference. “We have been in Antwerp for 550 years,” he said in response to the moderator’s question on his response to the previous day’s announcements which would give India an edge in both manufacturing and trading. “Antwerp, Israel, Africa, all have their own competencies and synergies.  The challenge really before us is to restore the spirit of Mazal U’Bracha that was referred to earlier. We have been challenged by very few amongst us destroying the trust of the banks. But no amount of technology will work without the trust factor. We must ensure that that is restored.”

Fischler also emphasised two more points: the industry must groom and give the next generation a chance to take their place in the business and as leaders of the trade; and banks should look at financing small and medium companies, which had good collaterals, as they were the future of the business.

Edward Asscher, President of the World Diamond Council said, “The majority of the industry is working along the principles that De Beers and ABN-Amro have outlined. More and more people understand what  transparency means and the need for it.”

He added that if there was a risk to KP, “We will study the risk and do everything to defend it.”

President of the World Federation of Diamond Bourses, Ernie Blom said, “All the bourses in the word have a symbiotic relationship and we have all been working with one goal.” He stressed that while competition in the business area was bound to exist, there was little competitiveness between bourses at in the functioning at an all-industry level, adding that if countries had the opportunity to take their industries ahead that was a positive thing.

He said, “Yesterday was historic. It also showed that if a government and industry of a country work together they can boost the industry immensely. I congratulate the Indian government and Indian industry for being able to do this.”

Blom stressed that the industry has to look and work at ensuring its own future. “The World Diamond Mark is one step we have taken. We must work together for the common goals of preserving the sustainability of the industry for the next generation.” 

Chaim Even-Zohar added his footnote in his inimitable style: “The support of governments to industry is very, very, very important. But their role is to facilitate – they should leave the industry alone to run its business.”

He added that rough will be cut and polished where it is most efficient to do so. “Distortions are not good,” he said. “We have to reduce distortions and create a level playing field.” Meaning that no forced channelling of rough  is desirable or could be sustained.  “If it makes sense to manufacture in India today, it will be manufactured here. Tomorrow it might make more sense to manufacture elsewhere, and the manufacturing will shift.”

“If something makes economic sense, then it makes sense...or it just doesn’t make sense,” he concluded emphatically.