The announcement comes after a less-than-stellar holiday season, with some reports suggesting consumer spending has fallen to its lowest rates in 40 years.
WFDB president Avi Paz said the downward trend was inevitable given the general mood of uncertainty. However, he noted the diamond business is well positioned to recover, just as it did during the Asian financial crisis of the late 1990s and after the Sept. 11 terrorist attacks.
“Consumers are shell-shocked at present, and as such, they instinctively cut back on spending,” Paz said. “But research conducted already after the onset of the financial crisis demonstrated that not only do diamonds retain their appeal, but they lead the luxury product category by a large margin.
“These clearly are challenging times, but we should not lose perspective of the versatility and resourcefulness inherent in the diamond and in our business model,” he added. “We must be steadfast and act responsibly, continuing to look for and identify new opportunities in our market. The New Year has begun. Let us start it as energetically with our eyes on the horizon.”
