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They foresaw the economic changes taking place prior to the current crisis and adapted early on. Plans were curtailed, cutbacks and streamlining implemented and decisions were made to invest efforts where they would yield the best results. The Israel Diamond Institute Group of Companies was among the first diamond organizations to point to India and China as the main diamond markets of the future and we have not lost faith in these markets despite the current slowdown. These two enormous economies hold an almost infinite potential for growth in consumption, particularly in luxury goods. Despite the meltdown, diamonds and diamond jewelry are still in demand there and will become even more so as these markets emerge from the economic downturn. During a time of crisis, adaptability is of the utmost importance. There are significant groups and market sectors throughout the world that have been less severely affected by the economic crisis than others. One of these is the bridal market – thankfully people are still getting engaged and married. According to recent studies, most brides are not cutting their wedding budgets and are still holding out for a diamond engagement ring. In addition, China recently welcomed the Year of the Ox which is considered a particularly lucky year for marriage. So here you have an example of a sector which is running strong in an enormous country with an ever-growing market. The watch industry has also been less adversely affected than other jewelry sectors. This is another area of great potential for diamond sales. The Israeli diamond industry has a large number of companies specializing in this niche that requires expert craftsmanship and creativity and we are increasingly tapping this market. However, the fact is that adaptability will not suffice in the current situation. The international diamond sector must take active measures to promote our product. The world’s largest rough diamond producers are currently joining hands in order to form an industry wide generic marketing campaign to promote demand for polished diamonds.
Mr. Moti Ganz, President of the International Diamond Manufacturers Association, and Mr. Avi Paz, President of the World Federation of Diamond Bourses, - both of whom also serve as the Israeli Diamond Industry’s leadership, have announced their wholehearted support for this generic advertising campaign. The Israeli Diamond Industry has pledged to play an active role to ensure that this campaign meets with success. It is no coincidence that two Israeli diamond industry leaders have been chosen to lead the world diamond industry in the past year. The fate of the global diamond industry depends upon its leaders’ ability to initiate, work out of the box, and present a united front during a crisis. Moti Ganz and Avi Paz have proven to be resourceful, determined and united in their tireless efforts to boost the industry. In the past few years the world diamond industry has undergone important advancement and modernization. This process is turning a traditional industry into one that has chosen to adhere to the strictest standards of “transparency” The Kimberley Process, which to date has taken huge strides in the battle against trading in conflict diamonds, must continue to take bold action in order to keep the industry pure. Israel was recently elected the Vice Chairman of the Kimberley Process and will serve as Chairman in 2010. In this area, as well, it will spearhead efforts to root out the remaining pockets where trade still exists in conflict diamonds. As you have all already read, the Israel Diamond Institute Group of Companies recently launched a multifaceted plan towards promoting the Israeli diamond industry and providing our companies with real time assistance during the transition into this new economic reality. Our efforts are geared especially toward small and medium-sized companies but have been used by the entire spectrum of our exporters list. No, the IDI is not providing credit, nor are we offering to sell their diamonds for them directly. Rather, it is our goal to furnish them with all the necessary tools to help them survive and even thrive during these difficult times. We are helping them to help themselves and in this way gain expertise and experience through this economic crisis. We know that it is in times of crisis that the DNA of whole groups is put to the test. Israeli diamond companies have risen to the occasion and we are facing it head on just as their forefathers did in times of adversity.
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