Schnitzer was speaking at a joint session of the WFDB and IDMA.
Israel Diamond Exchange (IDE) President Shmuel Schnitzer opened the third and final day of the 2015 Presidents Meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association.
"The focus of this year's Presidents' Meeting was clear," he said. "Our industry is facing a range of issues, the most important of which is the changing consumer preferences in the luxury product market.
"Add to that the difficulties of rough diamond procurement and pricing, industry financing and a relatively weak demand for polished in various consumer markets, and we have a significant roster of topics that we addressed at this meeting," he continued.
"Fortunately, this meeting is well attended by representatives of the producers, such as De Beers and ALROSA, governmental delegations from African diamond producing nations, such as Botswana, Congo and Zimbabwe, and last but not least, presidents from the majority of diamond bourses and manufacturers associations, and other industry players," Schnitzer added.
The meeting was also addressed by WFDB President Ernie Blom who said that despite the problems the global industry is facing, there is reason to remain optimistic.
" Let us always bear in mind that we have nothing for which we need to apologize – on the contrary – we can hold our heads up high and prove that we are always aware of possible tricky areas and are more than willing to work with all members of the diamond business, governments, NGOs and others to ensure they are dealt with in the best possible manner. We deal with a product that, among other fine attributes, symbolizes commitment and love. "
The meeting was also addressed by recently appointed president of Russian diamond mining giant Alrosa, who reviewed the state of the worldwide diamond trade, and Alrosa's large investments in its underground operations.
De Beers CEO Philippe Mellier presented his views on the state of the diamond market.
Also taking part was Eldad Fresher, CEO of Israel's Mizrahi Tefahot Bank, who spoke on the theme of the Israeli economy, and also provided an overview of the bank's involvement in the diamond industry. "The diamond industry and the banking industry share one common value – trust," said Fresher calling for greater levels of transparency. "We believe in this diamond sector and we believe in the future of this sector," he continued.
