The World Federation of Diamond Bourses (WFDB) has concluded its meetings at the 34th World Diamond Congress in Moscow.

According to a WFDB release, the diamond umbrella organization urged the industry to internalize the lessons learned during the global recession, which saw diamond dealers reduced the volume of goods sold on consignment significantly, and also cut the standard periods for which terms of credit are extended.

"Without a doubt, the past 18 months represented the most difficult economic period that any of us currently working in the diamond sector remember, but at the same time we can be proud that our industry came through in relatively good shape," said WFDB President Avi Paz. "The WFDB calls upon its members to continue implementing policies such as a greatly reduced dependence upon memo sales and a reluctance to extend lengthy terms of credit. US President Obama said that one should never waste a global recession, and the same is true for us."

The WFDB General Assembly, which convened at the World Diamond Congress, discussed the conclusions that should be drawn from the global economic slowdown, and called for increased cooperation with banks financing the diamond industry, so that credit will be available to all sectors of the industry as the diamond market enters a new growth phase.

"It is of paramount importance that small and medium-sized companies are also provided with the tools to benefit from the recovery. Ultimately, this is important for the entire industry," Paz stated.

The WFDB General Assembly further called on rough diamond producers to allocate sizable volumes of merchandise for sale outside of the tender system, which places smaller and medium manufacturers at a disadvantage.

The change, said the press release, "Is essential for the health of the industry, and a healthy industry is critical to the sustainability of the producers themselves."

The WFDB resolved to accept for the first time in its history representatives of governments of diamond producing countries as "nation-affiliated members," which would allow them to participate in World Diamond Congresses and Presidents' Meetings, and to receive benefits accruing from their membership.

The WFDB General Assembly also confirmed Dubai as the venue for the 2011 Presidents' Meeting, where the host will be the Dubai Diamond Exchange, and Mumbai as the venue for the 35th World Diamond Congress in 2012, where the host will be Bharat Diamond Bourse.