The diamond and jewelry industry had been missing a common forum that would analyze the industry movements and strategize appropriate reactions to industry changes. World Diamond and Jewellery Forum (WDJF), an international think tank is being established to provide the diamond and jewelry industry with insights into the industry challenges and propose strategies to combat common issues.
The forum will work under Fiera di Vicenza, leading Italian business platform, trade show organizer and service provider. The leadership will have Eli Izhakoff, the honorary life president of the World Diamond Council, the World Federation of Diamond Bourses (WFDB) and CIBJO, as WDJF’s chairman; Gaetano Cavalieri, the president of CIBJO, will be WDJF’s president, and Corrado Facco, the managing director of Fiera di Vicenza, will be WDJF’s managing director. The forum will encourage participation from all industry leaders and all industry organizations will have access to forum’s knowledge base.
The industry is made up of independent players and hence there is not a single entity that has a holistic view of changes in the industry. The diamond industry in recent times has faced crisis such as rise in conflict diamonds, global financial crisis, and differences in grading from laboratories across the world. The forum might help in collecting and sharing information but since it has no authority on any industry player so it remains to be seen whether such a forum will be effective in the long run.