In light of this, Blom expects a robust diamond market going forward.
Regarding planning for price volatility, Blom advises that industry players should only buy at prices at which they know they can make a profit. He advises against buying for price speculation, saying that liquidity is important for the industry.
Blom pointed out that the issue of financing will be addressed at a special Finance Seminar at the Presidents’ Meeting in Mumbai, India, to be held from February 5-8. The Finance Seminar will address and provide pointers on the way forward in making the diamond industry more attractive to financiers and bankers. “The presence of finance companies and banks at the seminar will provide positive indications on growing together,” Blom notes.
Speaking about the need for a successful work model for growth of the entire diamond value chain, Blom says it is important for all to share profits, “because if there is even one weak link it will affect the whole pipeline”. He also emphasises the need to work cohesively.
Blom stresses the importance of generic marketing activities in order to boost demand for diamonds. He says he was happy that producers understand the threats and challenges, adding that the Diamond Producers Association (DPA) and the World Diamond Mark are doing excellent work in the area.
Commenting on lab-grown diamonds, Blom says that sales of such stones will inevitably grow, and should be embraced. However, he maintains that the World Federation of Diamond Bourses expected full transparency in the sale of synthetic diamonds, and urged individual bourses to deal with instances of mixing stones strongly.