SA Jewellery News (SAJN) • August 2020

Page 21

NEWS|SAJN

(Above): For Mandela Day this year, Metal Concentrators (MetCon), in association with Work 4 A Living, bought and assembled stationery packs for a childcare centre in Khayelitsha, supporting children whose education has been affected by the pandemic. And because nobody can learn on an empty stomach, basic food supplies were also taken to the centre.

WFDB ACTING PRESIDENT CALLS ON GOVERNMENTS TO STEP UP The

Coronavirus

has

China, Hong Kong, Singapore and

wreaked havoc on the health, social

other markets were in lockdown,

He has called on governments

fabric and economies of the world.

then Europe and the Middle East, and

around the world to provide real

“The disastrous effects of the virus

finally the USA. “Our markets closed

assistance to the diamond industry

on our health and welfare are

one after the other, we ourselves

in the following ways:

matched by its destruction of our

were forced to stay at home and our

• Offer substantial government

livelihoods and economic security,”

businesses and livelihoods suffered,”

guarantees to back loans to the

says World Federation of Diamond

says Dvash. “The diamond industry

diamond industry.

Bourses (WFDB) Acting President

was among the first to be battered

• Define the diamond industry as a

Yoram Dvash. “It seems that all

by the crisis and will likely be among

preferred industry, rather than an

branches

the last sectors to recover.”

industry at risk.

of

the

pandemic

economy

are

on five continents,” says Dvash.

affected; for some, the crisis may

The current crisis exacerbates the

be a direct hit from which they may

huge systemic problems which have

individuals in financial distress.

never recover.

impacted the industry for the past

• Institute marketing support

“Governments the world over

decade – very low profitability, a

programmes.

are struggling with these issues:

large price gap between polished and

• Where applicable, reduce taxes

how to keep their populations

rough, and a major credit deficiency.

on imports of rough and polished

safe from the virus, while allowing

“The major diamond centres

their economies to return to some

have seen trade come to an almost

• Streamline international trade

semblance of normality? How much

complete standstill. This is the worst

procedures that affect the

direct aid to provide to citizens

crisis the global diamond industry

diamond trade.

and businesses? What will huge

has experienced in modern history

“Of course, the right package

budget deficits mean for the world

and it isn’t clear how we’ll emerge

of government aid will differ from

economy, going forward?”

from it.

country to country, according to

The world diamond industry has

diamond

and

diamonds.

diamond

conditions in each location. What’s

been particularly hard hit by the

jewellery sectors account for billions

important is that now is the time

pandemic. With its main markets

of dollars in revenue worldwide

for our elected officials to assist our

spread from Asia to North America,

and employ hundreds of millions of

magnificent industry in its hour of

the diamond industry’s shut-down

people. When our industry rumbles,

need, so that we can emerge even

followed the path of the virus. First

it can create an avalanche for millions

stronger than before,” adds Dvash.

SA JEWELLERY NEWS – AUGUST 2020

“The

• Provide grants to companies and

19


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