2003

WFDB Worries That Supplier of Choice Will Hurt Smaller Companies

Summer 2003

At the recent President’s meeting in Sun City, South Africa, the World Federation of Diamond Bourses passed a resolution which expressed their opinion that Supplier of Choice has created a situation in which the rough market has become concentrated in a fewer hands, seriously threatening the business structure of the established wholesale diamond sector, and is likely to have an adverse effect on the future of the entire wholesale diamond trade.

“Our trade is built like a pyramid, with a wide base,” said WFDB president Shmuel Schnitzer. “At the top there are a few big companies, in the center there are medium sized, and at the based there are many small companies. Without a strong bases, our industry’s future is jeopardized. SOC did not take this situation into consideration.”