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As the U.S. and global diamond trade recovers from the effects of the deepest recession since the Great Depression, New York City is likely to remain the center of the U.S. trade and a major hub for the industry worldwide, several New York-based experts told New York Diamonds agreed.
"Yes, I most definitely believe an upturn in the economy means ultimately an upturn for our industry," said Ronnie VanderLinden, vice president and chief financial officer of the Diamond Manufacturers and Importers Association (DMIA). "The crisis had and still has an effect on our beloved industry. Whether it is lasting remains to be seen. Unfortunately, the industry is not Teflon coated.
"During these difficult times we have experienced loss of jobs, companies have downsized or closed, and so on. We have all had to make adjustments that best suit out particular business model. When the consumer decides to and is comfortable making purchases again, we know this will stimulate growth in the diamond and jewelry industry."
Meanwhile, Ronny Friedman, DMIA president, said: "Generally, the mood is much better than it was. In principle, people have a much better outlook in terms of volume returning to better levels. It's different from September 2008. Volume is better now, but it has not returned to where it was before the financial …