Paz Applauds GJEPC’s Call for Rough Supply, Demand Balance
October 30, 08
Avi Paz, president of the World Federation of Diamond Bourses (WFDB), said today (Thursday) that he applauds the statement issued by India's Gems and Jewellery Exports Promotion Council (GJEPC) regarding the need to reduce rough supply to the market during the coming few weeks.
Vasant Mehta, the newly elected GJEPC chairman and a vice-president of the International Diamond Manufacturers Association (IDMA), said in a statement last Thursday, “It is very vital that we maintain equilibrium between demand and supply and keep global stock and debt manageable during these challenging times.”
“I think we can only stand in awe of the achievements of India's diamond gem and jewelry industry and trade, as well as the enormous growth of India's exports and sales in its domestic jewelry market,” Paz said.
“It will require all players in the world market to observe caution to ensure that the industry remains healthy,” Paz added.
“We're lucky to have strong leadership in India's diamond industry in the personalities of Vasant Mehta and Anoop Mehta, president of the Bharat Diamond Bourse. I am sure that together with their teams, they will succeed in guiding the Indian diamond, gem and jewelry industry through these trying times,” Paz concluded.