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RAPAPORT...The International Diamond Manufacturers Association (IDMA) reaffirmed the group's endorsement of the Diamond Development Initiative during its bi-annual presidents' meeting in Amsterdam June 24-26, 2007.
IDMA presidents also engaged in an extensive discussion on pending projects meant to develop and implement a financial market in diamond futures and derivatives. The consensus was to question the benefits prospective investors would have in these financial proposals, and the presidents "expressed grave concerns regarding the risks to the industry resulting from the anticipated volatility, which will be injected into an otherwise reasonably stable marketplace." IDMA presidents urged that any diamond financial product must incorporate full transparency and remain free from any potential conflicts of interest.
In the context of preserving consumer confidence in diamonds, IDMA confirmed CIBJO president, Gaetano Cavalieri would be establishing guidelines to ensure that all diamond grading laboratories are properly equipped with the technology and expertise necessary to ensure detection and full disclosure of all treatments, simulants, and synthetic diamonds.
IDMA welcomed the Diamond Manufacturers Association of Canada as a full member. During their deliberations, members also explored strategies to find alternative sources for rough diamonds. Recognizing the emergence of new diamond manufacturing centers, IDMA Presidents invited all new manufacturing centers to submit an application for membership.
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