Antwerp Diamond Conference Postponed

The fifth Antwerp Diamond Conference, which was scheduled to take place in Antwerp next month, will not take place. The Antwerp World Diamond Centre said it has been postponed due to global the financial crisis and challenging market conditions.

Unconfirmed reports about the cancellation of the conference have been circulating in the past week, mentioning that at least one big sponsor has withdraw its financial support. The conference has been an important venue for the diamond industry to discuss key issues, providing an opportunity for policy makers to announce their plans.

“We have taken a decision to postpone the conference, despite the positive response,” explained Freddy J. Hanard, the AWDC CEO.

In regards to the financial backdrop and how it impacts the diamond industry, Hanard said it is not clear how the diamond market will react. “On the one hand, if there is a marked fall in global consumer demand, all luxury products are going to experience a slowdown. But on the other hand, with the lack of confidence that the public is currently displaying for stocks, bonds and other financial instruments, diamonds and diamond jewelry may be considered a safe haven.”

The conference was planned to focus on the added value gap between a stone’s basic worth and its perceived worth, look at how and why it grows and contracts, and in what way it is dispersed among the various players in the distribution chain.

Among the scheduled speakers was Richard Hytner of advertising agency Saatchi & Saatchi Worldwide, which pioneered the term “Lovemarks” to classify luxury products that have high emotional value. Sir Richard Branson was to be the guest of honor at the gala dinner.

AWDC said in a release that it is checking alternative dates for the conference.