Waldman Diamond Company

Diamond jewelry markets could well rebound in wake of September 11, says WDC president
November 5, 2001

While it has been the practice of this regular press release to comment exclusively on the import and export performance of the Israel diamond industry, we felt that, in light of the chain of events that began with the unprecedented terrorist attacks in the United States on September 11, the consequences of these developments should be the main focus of our comments.

RAMAT GAN, ISRAEL - Asked about how he views the mood following September 11, Alexander Waldman, WDC's president and CEO remained upbeat. "I have just returned from a trip to New York, and I came back to Israel confident that the American people and the U.S. economy will not be bowed by the violence that was wrought against it. The country's inherent sense of optimism may be bruised but has not disappeared, and it is that belief in a better future that drives the nation and its economy," he said.

Waldman, a native New Yorker, began his diamond career and company in this city more than 20 years ago. His Manhattan offices were back in full swing soon after the September 11 attack. "Like everybody else in the city and in the country, and for that matter in the civilized world, for a number of days we were dazed by the sheer enormity of what happened," he said. "It was difficult to envision a return to normalcy—that is to selling diamonds. However, it was soon understood that if we would not go back to do what we know best, we would play into the hands of those who perpetrated those horrendous attacks."

"Let's not forget the special relationship between Americans and diamond jewelry. Whereas it once was an item worn only by nobility and the very wealthy, it was in the America that the diamond was transformed into the jewel for the people. Its unique physical characteristics became symbolic of young newlywed Americans' belief that they are promised a long, successful and fulfilling life," Waldman said.

Waldman noted that, while demand for diamond jewelry is steady, price points for polished diamonds have moved down. "That is a challenge, but suppliers who have enjoyed a long-term mutual relationship with the retail diamond market are obliged to see it through," he said.

Waldman was hopeful that September 11 might have an unexpected restorative effect on the U.S. economy, which has been in a slowdown mode for much the current year. America, he said, may be looking for ways to reaffirm their belief in the strength of the United States, and in so doing will boost the national economy.