Global diamond sales to go up 3% in 2005

Mumbai, Nov 15 | Updated: Nov 16 2005, 06:04am hrs
Global diamond sales will increase an average 3-4% in the current calender year, the World Federation of Diamond Bourses (WFDB) said on Tuesday after concluding the biennial Presidents meeting in Mumbai. The WFDB officials also stated that India will emerge in the coming years as a big consumption centre.

United States, worlds largest buyer of diamonds will see revival in its purchases ahead of Christmas after seeing a dip due to hurricane Katrina.

The demand for diamond was good between January to June but the demand was thereafter towards a low side on account of number of factors like surging oil prices, but for the coming christmas demand will rise by three to four per cent, Shmuel Schnitzer, president WFDB told reporters on the concluding day of biennial presidents meet held here.

The heads of the diamond exchanges affiliated to the WFDB also decided to stay out of the Council for Responsible Jewellery Practices (CRJP), he said. WFDB is committed to the principles of consumer confidence but the structure of CRJP was problematic and did not account for the role played by representative organization in the industry, he said. Besides, WFDB has laid down its own rules for the members to follow, he added.

The WFDB presidents echoed a call from the chairman of the Kimberley process to ensure that no rough diamonds originating from the northern region of the ivory coast be traded, since the merchandise is currently being embargoed by the legitimate diamond trade, he added.