The diamond industry is coming together to fight the tough times of economic recession. With the decreasing demand of diamond they are coming up with new plans and strategies. The heads of two key diamond industry organisations have released statements offering aid to the industry in these drying economic times.

Moti Ganz, the President of the International Diamond Manufacturers Association (IDMA) said that in spite of the economic downturn, manufacturers must maintain a possible labor force with the ability to service long-term clients. IDMA is the representative body of the world's diamond manufacturers.

He responded to the closure of several factories in the world's diamond manufacturing centers due to the decrease in demand for diamonds.

Ganz continues, “It has been our experience from previous downturns that when workers are laid off, they leave the industry and will not come back when the tide turns. Huge capital investment and efforts have gone into training, and years of dedicated effort have made our highly skilled labor force one of our finest assets. Though the need to balance our inventories is unquestionably a high priority, it is not in our interests that the diamond mines be closed. These are extremely capital-intensive ventures and there is no certainty that they will reopen quickly enough to satisfy demand when the economic climate improves."

Avi Paz, President of World Federation of Diamond Bourses (WFDB) following Ganz's statement Paz delivered a message to international trade fair organizers to support the diamond companies who exhibit at their shows and to make a marketing effort in their support.

"Many diamond companies today consider trade fairs as an integral component of their marketing strategy," he said. "However, the global financial crisis has forced these diamond firms to cut back on expenditures and that includes marketing budgets. In this business climate, it would serve both the trade shows and the diamond industry if the trade show organizers would go the extra mile to assist diamond companies in getting the maximum benefit."

"I will say again that I am confident the fundamentals of the diamond business are sound. However, all industry stakeholders and partners, including the trade shows, will need to make an extra effort to get us through this unprecedented period of difficulty," Paz added.

Paz encouraged trade fairs to interact with the diamond companies and come up with strategies to maximize the benefits of exhibiting at shows, negotiating the cost of participation, marketing, publicity etc.