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IDMA Concludes Presidents' Meeting in Antwerp

Organization Signs Agreement With World Diamond Mark

Oct 11, 2013 5:35 PM   By IDMA
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Press Release: The 2013 IDMA presidents' meeting concluded in Antwerp after two days of intensive, but amicable, discussions between participating members from Belgium, Botswana, China, Germany, India, Israel, the Netherlands, Russia, South Africa and the U.S. On the second day of the meeting, the participants resolved to sign a memorandum of understanding with the World Diamond Mark Foundation (WDMF), agreeing to share common goals in seeking to sustain and improve consumer desirability and confidence in diamonds and diamond jewelry. The members also committed to have a meeting during the first quarter of 2014 with representatives of the international banks serving the diamond industry.

An important concern expressed by the IDMA members are the long-term policies of the diamond industry banks, as well as the extreme imbalance between prices of rough and polished.

"The banks serving our industry must play a constructive role in contributing to the long-term stability of the industry as well as simply financing it," IDMA's secretary general, Ronnie VanderLinden, stated. "We will have our meeting with the leading international bankers, in New York, during the first quarter of 2014," he added

IDMA's president, Maxim Shkadov, expressed his satisfaction over the willingness and the unanimous commitment of all IDMA members present to address their common industry challenges. "The quality of the discussions was high as we not only focused on the immediate conditions manufacturers are facing, but also on strategies to insure long term stability and growth of the industry at large," he said.

The IDMA membership congratulated Shkadov and the entire Kristall Production Company of Smolensk on the occasion of the company's 50th anniversary being celebrated, coinciding with the conclusion of the IDMA meeting, in Antwerp.

The text of the agreement with WDMF follows:

On the occasion of the 2013 IDMA presidents' meeting, the International Diamond Manufacturers Association (IDMA) and the World Diamond Mark (WDM) agreed they share common goals in seeking to sustain and improve consumer desirability and confidence in diamonds and diamond jewelry.

IDMA and WDM hereby confirm the following:

IDMA supports WDM's objectives of promoting consumer desirability and confidence in diamonds, and sees WDM as an important vehicle to ensure the health and future growth of the diamond and jewelry industry.
 
IDMA will promote and recommend WDM through its national membership associations, with the aim of enhancing the membership and revenue of WDM in the diamond manufacturing sector and thereby supporting WDM's marketing and educational programs in core consumer markets.

IDMA agrees to offer its best efforts to facilitate relationships with national and government organizations to support WDM's outreach to key stakeholders.

WDM and IDMA will actively promote and develop the mutual understanding and collaboration between the two organizations.
 
IDMA agrees to offer its best efforts to generate financial support from industry members on behalf of the WDM.
 
WDM will update IDMA on progress of the implementation of WDM activities and the outcome of IDMA's support in accordance with this memorandum of understanding.
 
WDM will offer a seat on its board of directors to an IDMA designated representative.
 

Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.

 

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Tags: Banks, diamonds, financial, IDMA, industry, Rough Diamonds
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