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The Indian diamond industry has been hit hard by the rupee’s decline over the past year since it has made rough goods more expensive, while jewelry vendors were unable to pass on the extra costs to consumers by raising rupee-denominated prices.

Speaking to a crowd of 300 industry members, he paid tribute to the World Jewellery Confederation, and particularly to its work relating to the harmonisation of standards, promoting Social Corporate Responsibility and maintaining consumer confidence.

This year the Congress will focus on creating a unified structure for the organization's Blue Books for diamonds, gemstones and pearls.

Israel Diamond Exchange (IDE) President, Shmuel Schnitzer, "The opening in Panama of a diamond exchange creates a legitimate and organized platform for trade with South American countries and there's great potential."

Israel Diamond Exchange (IDE) President Shmuel Schnitzer: “I am surprised at the widespread interest from bourse members. Manufacturers from the past and present are keen to return to manufacturing.”

Sightholders reported that prices on some boxes were adjusted slightly; however, on average, prices and assortments were basically unchanged.

The firm reported profit for the quarter of $130 million – up significantly on $81 million for the same period last year.

 The annual rise in prices will enable the miner to meet the 15 percent return on capital target set by parent company Anglo American Plc, which owns 85 percent of the diamond miner.

The event, held at the Mandalay Bay Resort and Convention Center, will start one day earlier, and run from Thursday, May 28 to Monday, June 1.

Almost 100 Belgian and American firms from the Beurs voor Diamanthandel and the Diamond Dealers Club are taking part in the event on the DDC's Trading Floor.

The display provides a comprehensive insight into the heritage of 500 years of Indian jewelry, from the 17th century to the present day.