July 3, 2006
IDMA Discusses Consumer Confidence at World Diamond Congress
The general assembly of the International Diamond Manufacturers Association (IDMA), which represents 12 diamond manufacturers associations in 11 countries, has concluded its meetings at the World Diamond Congress in Tel Aviv, June 26-29. The gathering focused specifically on issues that influence the position of manufacturers in the diamond business, and more generally on measures necessary to enhance consumer confidence in diamonds.
The IDMA general assembly re-elected Jeffrey Fischer for a second term as president. Also elected were vice presidents Eduard Denckens, Belgium; Moti Ganz, Israel; Maxim Schkadov, Russia; and Vasant Mehta, India. Stephane Fischler was re-confirmed as IDMA secretary general and treasurer for a fifth term.
A very frank and informal discussion was conducted with Varda Shine, De Beers' Diamond Trading Company's managing director. IDMA leaders suggested that the DTC remind its clients that meeting their financial obligations to the trade is an integral part of best practice principles.
The assembly also formed a committee to begin discussing how to establish standards for diamond grading laboratories to be recognized by the trade.
During a presentation by Michael Rae, CEO of the Council for Responsible Jewellery Practices (CRJP), IDMA was invited to adopt a consultative role in helping the organization develop their policies and procedures, with a view of eventually joining as a full member. IDMA voted to participate in this capacity.
Industry analyst Chaim Even Zohar led a discussion on anti-money laundering procedures, during which ways to improve the practical implementation of AML practices throughout the industry were reviewed.