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