The "dire" financial crisis that had hit the world and the diamond trade in the latter part of 2008, and noted that by good fortune the global recession had coincided with the "incredible achievements" of India and China – both growing powers in the international diamond sector as both manufacturers and consumers of diamonds, Stephane Fischler, Treasurer of the International Diamond Manufacturers Association, told the 2010 China Diamond Conference, which took place in Shanghai on November 30-December 1.

Organized by the Diamond Administration of China, the Antwerp World Diamond Centre, and the Shanghai Diamond Exchange, the conference was founded to promote the development of the Chinese diamond industry.

"These new markets must be thoroughly understood… For diamond manufacturers operation on multiple continents, the challenges are parallel but also very diverse," Fischler said, adding that he would like to "pay tribute to the Chinese government's vision" in setting up the Diamond Administration of China and establishing the Shanghai Diamond Exchange.



Fischler moved on to address some of the sociological changes in the world that impacted the global diamond industry – such as aging populations and urbanization, the latter of which, he said, presented "huge opportunities" for diamond products.

The IDMA treasurer also discussed social responsibility in the diamond trade and urged conference participants to be "very supportive" of all efforts to increase compliance with the diamond sector's best practice principles.