The International Diamond Manufacturers Association has made a statement that is critical of the lack of cohesive and comprehensive generic diamond promotion. The association also stated that it is ready to coordinate such a program on behalf of the industry.
The association stated that it has resolved that it will take a leadership role in developing specific proposals to help remedy the situation. IDMA has offered to be a coordinator of an ongoing industry-wide generic diamond promotion campaign.
According to IDMA, the diamond manufacturing industry is production driven, and noted that this needs to change. IDMA stated that it is urging its members to face the fact that “there is over-capacity in production in the various cutting centers” and that some contraction and consolidation of the manufacturing base is going to occur.
IDMA stated that its members need to be aware of this “ugly and painful situation” and to make correct choices for the future of their businesses.
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