The World Federation of Diamond Bourses (WFDB) held its first ever Asia Summit Meeting on June 29 in Hong Kong. The main aim of the meeting was strengthening of ties with its member diamond bourses in Bangkok, Hong Kong, Mumbai, Shanghai, Singapore and Tokyo. Of the six bourses invited to the summit five of them sent high level delegations to attend the one day meeting.
The president of the WFDB, Avi Paz noted that very soon Asia will be one of the worlds leading and most diversified markets for diamonds and jewelry. The rapid changing scene in the diamond business had made the timing of the Asia Summit Meeting appropriate.
According to the “Mission Statement” of the WFDB on their website is the protection of the interests of affiliated bourses and their individual members. The WFDB is also involved in settling disputes between individual members of affiliated bourses and between the affiliated bourses.In furtherance of this object, it is the aim of the world federation to participate in the promotion of world trade and to encourage the establishment of bourses, with the view of eventual affiliation of all centres where diamonds are actively traded.
The president of Shanghai Diamond Exchange, Mr Lin Qiang said that the diamond and jewellery business in China was the least affected by the recesion.However there was a significant downturn during the last quarter of 2008 but the market rebound in the first quarter of 2009.
There was constructive discussion between participants on the state of the diamond markets in their countries and how to improve the diamond markets.
Mr Paz said that he would be happy to make it an annual event.