26-06-2020
Yoram Dvash (photo), acting president of the World Federation of Diamond Bourses (WFDB), delivered his optimistic vision of the diamond industry amidst the novel coronavirus pandemic as well as his concern over transparency in pricing in a letter on Wednesday.
He said that the world diamond industry is gradually getting back on its feet after months of lockdown worldwide due to the virus, with major trading centres in Antwerp, Ramat Gan, Dubai and New York slowly resuming activities.
In the United States, according to Dvash, retail sales in May were up 18 percent from the previous month, the largest monthly jump ever. “As the US economy opens up more fully, I’m sure we’ll see a rise in bridal demand,” he said. “The retail markets in China and the United States are also showing encouraging signs of recovery. Chow Tai Fook, Forevermark and Tiffany’s reported strong sales in China, with shoppers returning to the stores faster than anticipated.”
Two months ago, Martin Rapaport said the Rapaport price list would go monthly and an advisory board would be established to give opinions from the community to the price list. “Martin Rapaport seemed to adopt a certain measure of transparency,” said Dvash in the letter.
Nevertheless, Dvash said that the Rapaport price list will now be resuming to its weekly routine and no advisory board will be formed. “Just two months later, Rapaport totally reversed his decision. He will again publish his price list weekly, and he will not establish an advisory board, the same board he called "valuable". The same board he said will form "better interaction with the community.
“The WFDB have always called for better transparency. We believe that the interaction with the community is extremely important and we call upon him to continue in line with his previous statements and establish the valuable interaction with the community,” he adds.
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