“Ladies and Gentlemen

Distinguished Presidents colleagues and friends.

I would like to thank you all for your vote of confidence in appointing me for another term as president of the WFDB.

We have very important goals to achieve in the upcoming years, and I can assure you that I will continue serving you in the most devoted and professional manner, just as I have done in the past two years.

For the sake of all of us - I hope very much that the objective circumstances in the upcoming years will be much better than in the past years.

Ladies and gentlemen - Our federation exists since 1947.

Throughout these years we've known many ups and downs but I believe there will be no argument about the fact that the last global economic downturn is the most severe we have ever had to cope with.

Looking back at the incredible events of the past eighteen months and the way our industry managed through them one can be very optimistic about the future.

The way the diamantaires acted during this turbulent time – the responsibility, stability and maturity that the entire pipeline demonstrated – proved, once again, that we can overcome even the most difficult situations.

Our efforts to reach stability were successful mainly due to the fact that we have all joined hands - acted together and were coordinated at all times.

This is the time to thank, once again, each and every one of the presidents of the exchanges and all the leaders of the industry's pipeline.

One says that the strength of an individual or an organization is tested at difficult times – in that sense one can proudly say that we have all passed the test with success.

Responsibility was one of the most important messages that we have conveyed to our members and to the world throughout this time and I believe we have to urge our members to continue acting in the same manner in the future.

We have learned many lessons throughout the past 18 months and we should be very careful not to forget these lessons because they are the foundations of our recovery and future.

As president Obama said, and I quote – "we shouldn't waste such a big downturn".

And we should also remember one more important thing – even though we all experience signs of recovery in the past few months, the aftershocks of the downturn are still here.

Therefore we have to continue being very alert and very very cautious.

In this very important congress I think we should all focus on the future and work together plans and ideas for the upcoming years.

Before we start I would like to mention the intensive and devoted work that has been done by the members of the executive.

We have had countless executive meetings - both in person and over the phone - and I would like to take this opportunity to thank all my colleagues at the executive for their great contribution and leadership.

Concerning this matter I would like to specially thank our honorary presidents Mr. Shmuel Schnitzer, Mr. Eli Izakoff and Mr. Ernie Blom for their devotion and contribution.

I would also like to mention the strong cooperation we have with all the other organizations of the international industry – together we have strengthened the cooperation with governments, banks, mining companies and all other players of the pipeline.

These cooperation's are also vital for our future and prosperity and we will continue to nourish them as well.

There is one more thing we have done this year, and since it was so important and successful I decided to turn it into a regular annual event.

I am referring to the Asian presidents meeting we held last year in Hong Kong.

I can't even describe to you how important this meeting was in such a crucial time and how much it helped strengthening our international cooperation.

I would like to use this opportunity to thank once again the honorary president and vice president Mr. Ernie Blom for his contribution to this initiative and for joining me in this first congress.

The next Asian president meeting is scheduled for the 13th of September 2010.

I decided to invite to this meeting not only the presidents of the affiliated bourses but also chosen and important diamantaires from Asian countries such as Malaysia, Laos, Indonesia, Cambodia and Vietnam that have no diamond bourse.

Their participation in our congress is very important and I believe it will contribute in strengthening our relationship with those countries.

It might also give another incentive to the formation of new exchanges in those countries – a development that will be very blessed.

Our duty is to understand the needs and to recognize the opportunities in those countries and to make sure all the members of the WFDB will have access to them.

Regarding this congress I would like to use this opportunity and thank the president of the Bangkok diamond exchange who agreed to host this meeting.

The development of new markets and the opening of new exchanges all over the world is such an important issue for our stability and prosperity and I think we should continue encouraging the expansion of the diamond market.

In the era of the global village we have lot's to gain from having more and more markets and exchanges all over the globe.

Just imagine what our industry would look like today without the penetration to the ever so growing and developing markets of China and India.

God forbid – I dare not even imagine it.

Ladies and gentlemen - This important congress should be the stage for a productive and fruitful brain storming with the participation of all the leaders of the industry – YOU!

I invite you all to take an active role in this brain storming – you are the experts. You have the "know-how" and you are the most familiar with the local and global markets.

Your contribution to the creation of the Puzzle that holds the answers for tomorrow is immense.

Together we should think about the challenges and turn them into opportunities.

Together we should shape the strategy of our federation for the future and pave the way for our members towards success.

The stage is all yours.

Thank you very much.