WFDB President Praises Thailand’s Industry but Urges Caution

Avi Paz, president of the World Federation of Diamond Bourses, praised the performance and achievements of Thailand's diamond, gem and jewelry industry in his speech Friday at the formal opening of the Fine Diamond Pavilion of the 45th Bangkok Gem and Jewelry Fair.

Paz noted that Thailand's annual trade in polished diamonds is expected to surpass the $1 billion mark despite the economic downturn. Paz also stated that due to the Thai gem and jewellery industry's highly developed infrastructure, the diamond industry's potential for growth is large.

But Paz warned the global diamond business community not to become complacent. "Don't misunderstand me, the downturn is not over yet and we have to continue being very alert," he said.

In attendance at the opening ceremony session of the FineDiamond Pavilion were Boonyong Assarasakorn, president of the Bangkok Diamonds and Precious Stone Exchange (BDPSE); Vichai Assarasakorn, president of the Thai Gem and Jewelry Traders Association (TGJTA); and Somchai Phornchindarak, CEO of the Bangkok Gems and Jewelry Fair. Porntiva Nakasai, the Thai Minister of Commerce presided over the fair’s opening.