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.