Ronald Friedman Speech Addresses the Big Stone Market
The following fa was delivered by Ronald Friedman, president of the DMIA, at the Rapaport Ecumenical Diamond Conference in New York on September 10, 2009.Honored guests, boyfriend speakers, ladies and gentlemen,
Thank you, Martin, for the bidding to speak on behalf of the Diamond Manufacturers & Importers Relationship of America.
It is my pleasure to speak to you today on the topics of New York and the big stone retail, the work of the DMIA, and our concerns for the current state of the crude and polished markets as they exist in this time of recovery - from the current market volatility and lows to the market fragility that we are experiencing today.
The DMIA, now in its 78th year, is the greatest industry organization of America’s premier diamond manufacturers, importers and dealers, and is always at the forefront of issues respecting the diamond and diamond jewelry community. Our job, without agenda, is to promote diamonds in every possible and positive way, with the goal of ensuring boldness in and integrity of our product from mine to consumer.
Some of the DMIA’s accomplishments and trade on behalf of our membership and the industry at large include:
The first trade organization to host the GIA in presenting the new “cut grade” to the toil prior to its official launch
Lazare Kaplan Delays Annual Report
Diamond maker Lazare Kaplan International has delayed reporting its annual results for the pecuniary year that ended May 31, 2009. The company explained in a Insurance Exchange Commission (SEC) filing that it was unable to timely line the report due to its inability to resolve a material uncertainty with an eye to the collectability and recovery of certain assets, as well as the company’s potential obligations under unquestionable lines of credit.“The company is unable to assess the potency effect the ultimate resolution of these matters will have on the financial stand and results of operation of the company,” Lazare Kaplan spokespersons said.
Lazare Kaplan anticipated that net sales for the year dropped 48 percent to $192 million. The house explained that the “current adverse market conditions” continued to collide with the company and the global diamond and jewelry industry, which would be reflected in the certain results.
“Diamond and jewelry purchases are ultimately dependant on the availability of consumer discretionary spending,” crowd spokespersons explained. “Uncertainties regarding time to come economic prospects and a decline in consumer confidence during Economic 2009 translated into lower purchases and sales by diamond retailers, wholesalers and producers and adversely impacted the assembly's operations.”
