A special finance seminar in Mumbai, jointly organised by India’s Gem & Jewellery Export Promotion Council (GJEPC), the Bharat Diamond Bourse (BDB) and the World Federation of Diamond Bourses (WFDB), was held earlier this week as part of the Presidents Meeting of the WFDB.
According to Gem Konnect, leaders of the diamond industry and its bankers discussed “the issue of scarce institutional credit for the industry and the reasons why many banks were exiting the sector”.
Bankers talked about the issues that bother them – “lack of transparency, professionalism and truthful reporting of financial numbers”, while the diamantaires “asked bankers to understand the trade better and get more involved to avoid problems”.
WFDB President Ernie Blom said, ”We simply cannot afford any longer for the current situation to continue. Our members want action and we are committed as their representatives to work to provide answers to their demands. We would like to find out which additional financing institutions are available to us”.
