The WFDB and International Diamond Manufacturers Association (IDMA) urged participants to engage in more responsible trading practices and to specifically adopt a cautious attitude toward credit and the accumulation of inventory, during the 34th World Diamond Congress. Sergey Oulin, president of the Russian Diamond Chamber, said the industry is now better prepared to deal with the difficult situation of an inflated market, the signs of which, he says, are similar to those that were apparent two years ago. Tightening inventory is generally regarded as a way to secure oneself in a “volatile market,” a phrase used by a number of the Congress' participants. 

Dione Kenyon from the Jewelers Board of Trade said that manufacturers and dealers should adapt to these new realities, which include tighter profit margins and increased regulations from government bodies. She also said the industry needs to be more transparent, responsible and open to sharing information with each other.

Reducing the time period over which wholesalers pay for merchandise was another issue of concern for dealers and diamond jewelry makers. The WFDB leaders called upon members to implement policies that greatly reduced memo sales and to avoid lengthy credit terms.

The WFDB also welcomed the South Korea Diamond Exchange to its fold. 

Ref: <a href="http://www.diamonds.net/news/NewsItem.aspx?ArticleID=31738" target="_blank">Diamonds.net</a>