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London - A diamond industry group urged mining firms to cut back on the supply of unpolished gems to the market amid the world economic crisis.
The World Federation of Diamond Bourses said in a statement on Sunday the move was needed to safeguard the strength of the industry.
"The mining companies can enhance stability at this point in time by reducing the volume of rough diamonds they are supplying to the market," federation President Avi Paz said.
"Such action is imperative and necessary not only for the diamond industry, but also the rough producing countries, the global banking system and the diamond mining companies themselves."
Diamonds are an attractive investment opportunity, especially in turbulent periods, but too much supply might erode values, he said.
"It is essential that the key players in the industry maintain the value of the diamond, and as a result the financial stability of our sector."
The Belgium-based federation is an umbrella organisation representing 26 member bourses that trade in rough and polished diamonds and precious stones.
- Reuters