This week's opening session of the 2011 Presidents' Meeting of the World Federation of Diamond Bourses (WFDB) in Dubai was addressed by keynote speaker Sultan bin Nasser al Suwaidi, Governor of the Central Bank of the United Arab Emirates, who offered an overview of the impact of the economic crisis and how the UAE has weathered the financial crisis.



"In the UAE, we have ample resources to sustain a reasonable economic growth rate - not too high, because too high a rate of economic growth creates inflation, as we saw in the UAE in 2007 and 2008. Growth of our stable deposits is running at a high single-digit and therefore we are able to meet the credit expansion requirements of a medium single-digit economic growth," Al Suwaidi said.



Diamond industry analyst Chaim Even Zohar made a presentation about the past, current and projected supply diamond pipeline of rough and polished diamonds.



During the first working session, WFDB President Avi Paz offered an overview of the WFDB's role, responsibilities, activities and contributions to the diamond business community.



"Events of the past years have made it even more evident that consumer confidence is indeed the key factor ... The WFDB plays an important role in strengthening ... consumer confidence in our industry and we are acting to advance it at every possible opportunity. During the past years ... we have experienced many challenges regarding the Kimberley Process. Throughout the years we have demonstrated that the process is strong and that it can be enforced. The WFDB has made an important contribution to that," Paz said.



Vasant Mehta, immediate past president of the Gems & Jewellery Export Promotion Council (GJEPC) and a vice president of the International Diamond Manufacturers Association, made an unannounced speech. Speaking about Zimbabwe, Mehta said the diamond industry was being deprived of the supply of some 30 million carats of rough diamonds at a time when demand for rough is rising. Criticizing the decision-making processes in the Kimberley Process, he urged all relevant parties "to sit in the room and hear the voice of sanity and resolve the issue in the next two days, which is acceptable to everybody and of course to Zimbabwe." Mehta referred to the KP stakeholder meeting that follows the Presidents' Meeting.



Eli Izhakoff, president of the World Diamond Council (WDC), gave a report on the WDC's activities.