Following is the address given by Avi Paz, President of the World Federation of Diamond Bourses (WFDB) and the Israel Diamond Exchange at the opening session of the WFDB Congress in Moscow:

VIPs, Ladies and Gentlemen, Distinguished Presidents colleagues and friends.

The presence of Mr. Kudrin and Mr. Andreyev here demonstrates, in the best possible manner, the commitment of the Russian government to the local and international diamond industry and I would like to thank you for the very warm hospitality we are receiving here in Moscow.

It is with great pleasure that I welcome you all in Moscow for this important WFDB and IDMA congress.

Both WFDB and IDMA hold central and vital positions in the international diamond industry and the fact that we are united in two federation's that cooperate with one another gives us enormous responsibility and strength.

If anyone needs a proof for this, I think he can get it just by looking at the list of participants sitting in this hall today.

First and foremost I would like to thank our hosts Mr. Fyodor Andreev president of Alrosa, Mr. Sergei Oulin president of the diamond chamber of Russia, Mr. Valeriy Bogomolov President of the diamond manufacturers of Russia.

You have done a fabulous work in preparing this important gathering and on behalf of all of us I thank you for your wonderful and warm hospitality.

I would like to also use this opportunity to thank Mr. Moti Ganz – the president of IDMA for the close and fruitful cooperation between our organizations in the work of all the joint committees.

Ladies and gentlemen – Our role in the international trade and industry is especially evident in view of the many challenges we are facing in the current time.

Challenges, that are mainly due to the implications of the global economic downturn on our industry - but not only.

One can say with no hesitation that we are still in the midst of the most difficult time in the history of our trade.

Each and every one of our members has been affected by its implications in one way or another.

In view of the situation, our purpose was - and still is - to sustain the viability and stability of rough supplies, and the continuation of manufacturing and marketing of polished diamonds.

We all hope that the worst is already behind us and fortunately, without going into specifics, I dare say that on the overall, up till now, we have weathered the many challenges rather well.

Since the outbreak of the downturn we - the WFDB – have played a central and important role in assuring that all players in the diamond supply pipeline behave in a responsible manner.

Fortunately, in the past few Months we are witnessing signs of recovery and return to gradual growth.

But – and there is always a big but – we must continue looking beyond the daily trends and lead the entire industry toward the future with vision and courage.

This is our responsibility as the industry’s leading organization that represents the interest of more than 12,000 diamantaires throughout the world.

And that is exactly what we are going to do here in the upcoming days.

In this congress in Moscow, it is our duty to concentrate on what our industry needs to do in the present time and in the future remembering the lessons of the past.

We have to plan our steps carefully in order to continue navigating the industry toward recovery.

The best minds are gathered here in Moscow and I am certain that after the conclusion of this congress we will come up with a clear set of creative ideas and practical solutions that will set us on course toward sustainable and responsible growth.

In the upcoming days we will also have to address other matters such as the situation in the Marange fields and I would like to say a few words regarding this matter.

As you all know, just a few weeks ago the Kimberly process gathering that was held in Israel ended, unfortunately, with no agreement concerning the export of rough diamonds from the Marange region.

Such a deadlock is bad news for our industry and I would like to use this opportunity to call, once again, upon all stakeholders – governments, NGOs and industry members, to cooperate in working towards a viable and acceptable solution to the Marange Mine issue.

The Kimberly Process is vital and important for our industry and we all have to make sure it is strong, fair and effective.

I hope very much that our congress and the forthcoming gathering of the WDC in Petersburg will help in creating a solution to this matter.

I wish you all a very successful and fruitful congress.

Thank you very much.