Antwerp drops diamond conference on credit crunch

BRUSSELS: Antwerp, the center of the world's diamond trade, is dropping its diamond conference this year due to the financial crisis, the organizers said Tuesday.

Antwerp World Diamond Centre CEO Freddy Hanard said it was "essential to allow the dust to settle" from financial turmoil that has hit bank lending and may curb consumer spending in the near future.

Hanard said it was not clear how the diamond market would react to the crisis.

"If there is a marked fall in global consumer demand, all luxury products are going to experience a slowdown," he said.

``But on the other hand, with the lack of confidence that the public is currently displaying for stocks, bonds and other financial instruments, diamonds and diamond jewelry may be considered a safe haven,'' he said.

The conference was scheduled to take place Nov. 17-18 and may be rescheduled for early next year. It usually attracts diamond traders, miners and politicians from around the world.

The Belgian port city of Antwerp is the hub for the diamond trade.