The main factor determining the current state of the diamond market is the global financial crisis. The situation on the leading financial and stock exchanges is still fairly dramatic. The labour markets in the US, Europe and Japan are also not in the best shape. Under these circumstances the availability of credit for diamond market players has declined drastically.
Alexander Matveyev, Member of the Federation Council of the Russian Federal Assembly, First Deputy Chairman of the Federation Council Committee on Northern Territories and Indigenous Minorities, Mining Engineer, Academician of the Russian Engineering Academy, Doctor of Economic Sciences, Professor, worked as Chief of Industry Department of the Yakutsk Region Committee of the CPSU, Chairman of the Yakutia Planning Committee, Vice-President and First Vice-President of ALROSA.
Valery Vladimirovich Rudakov – chairman of the Board of Directors of CJSC Polyus, chairman of the Committee for precious metals and precious stones of the Chamber of Commerce and Industry of the Russian Federation. In 1999-2002 - Deputy Minister of Finance of the Russian Federation and head of the State Repository for Precious Metals.Expert training programs for the diamond industry in the Kingdom of Saudi Arabia (KSA) have been launched by International Diamond Laboratories (IDL), the leading diamond certification laboratory based in the Middle East. IDL is currently holding intensive six day training program on diamond grading at the Jeddah Chamber of Commerce and Industry (JCCI), RAPAPORT reported.
Speaking about the newly launched training initiative in KSA, Peter Meeus, CEO of IDL, said: “Saudi Arabia is the largest regional consumer of diamonds and is an important market for IDL. As consumers become more aware of the value and characteristics of diamonds, there is a growing demand for accurate grading services. Our professional courses are aimed at imparting knowledge and skills required for being a successful diamond grader.”
The first batch started on August 9th and completed on the14th, followed by two other batches scheduled from August 16th to 21st and 23rd to 28th. The training program covers theory and practical aspects of diamond grading. To ensure individual attention to each student, IDL takes only up to 15 students per batch.
Mr. Essam Jamaal, president of Gold and Precious stones committee at JCCI said: “We are delighted to host IDL’s training programmes which are very relevant to KSA as it is a growing market for the diamond industry.”
Saudi Arabia makes up for 80 percent of the Gulf diamond jewellery consumption with Saudi women spending 7 billion Riyals ($1.8 billion) on diamonds in 2007; this figure is expected to rise by 15-20 percent in 2008.
During the six days program, IDL’s training instructors Jeroen Michielsen and Bahaa Jamal guide the students through the latest methods of diamond grading to define the 4C’s- colour, cut, clarity and carat. The program is open to retailers, jewellery designers and also consumers interested in knowing more about diamond grading.
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