The World Federation of Diamond Bourses (WFDB) has urged governments to support the diamond industry hard hit by COVID-19.
The diamond industry was among the first to be battered by the crisis and will likely be among the last sectors to recover, according to the WFDB. Diamond and diamond jewelry sales have fallen sharply due to the emergency.
“Now is the time for governments around the world to step up to provide real assistance to the diamond industry,” wrote Yoram Dvash, Acting President of the WFDB, in an open letter dated July 16.
He appealed to governments to:
– Offer substantial government guarantees to back loans to the diamond industry
– Define the diamond industry as a preferred industry, not as an industry at risk
– Provide grants to companies and individuals in financial distress
– Institute marketing support programs
– Where applicable, reduce taxes on imports of rough and polished diamonds
– Streamline international trade procedures that affect the diamond trade.