Has the first phase of the global economic crisis brought forth a new philosophy of diamond business?
The diamond industry has survived remarkably well following the crash of 2008 and 2009. Prices fell significantly, as you would expect, but the resurgence of prices, especially in rough diamonds, from April 2009 onwards took everyone by surprise. The policy of the Russian State played an extremely important role in this: by not selling at all for at least six months, the world’s second biggest producer demonstrated its responsibility and its desire to protect its pricing structure, as well as that of the market. The market does not see that there are too many diamonds being mined and sold at the moment. Even if there is a Phase Two of the crisis, I believe that the diamond industry is in an excellent position to weather the storm. What is your opinion about the International Diamond Board (IDB) including ALROSA, Rio Tinto, BHP Billiton and De Beers? In my mind this was never going to work. Each of the companies has its own philosophy regarding marketing. De Beers in particular has neve
