Press Release – The World Federation of Diamond Bourses (WFDB) concluded a two-day Executive Committee Meeting and Asian Summit in Singapore on the 27 and 28 February 2014. Presidents of Bourses from Australia, Belgium, India, Israel, Japan, Russia, Singapore, South Africa, Thailand and the USA were present as were the guests from Korea and Malaysia, regional diamond community representative Alrosa.
The Asian Summit, organized by the Diamond Exchange of Singapore, focused the activities of local bourses and the whole range of issues facing the industry in Asia, and its impact on the global diamond trade
At its Executive Committee meeting, the WFDB confirmed its leading role in the diamond industry from miner to retailer.
WFDB President Ernest Blom addressed the fight against money laundering and international terrorism. “We in the industry have introduced stringent compliance regarding KYS/KYC (Know your Supplier/Client)” – said Blom, “the introduction of this policy in all WFDB affiliated bourses will clearly identify the rogue elements attempting to tarnish the high standards of our trade”.
Addressing the synthetics issue, WFDB adopted a methodology to be immediately implemented, where all affiliated bourse members will be required to incorporate a statement on their invoices and memos that clearly defines the natural origin of diamonds. The measure requires the buyer to share the responsibly with the seller for the compliance. Blom added, “We at WFDB acknowledge that synthetic diamond are legitimate as long as they are properly disclosed and marked. Having said that there will be zero-tolerance policy toward any attempt sell synthetics as natural or mix the goods”.
Anoop Mehta, President of Bharat Diamond Bourse said, “We in India take the problem very seriously. We have commissioned a comprehensive study on synthetics and understand that despite the fact this is still a very small problem, the industry has to be cognizant of it”.
The World Diamond Mark programme was extensively discussed. WFDB Executive Committee was pleased with the progress made in its development and the accelerated rollout. “From being a concept, WDM has become a product, that can be marketed instantly”, said Alex Popov, the WDMF chairman.
Ernest Blom concluded, “The WFDB is the only voice of the diamond industry. It is committed to its future growth and our World Diamond Mark programme creates not only the most exciting marketing campaign for the diamond and diamond jewellery industry, but extends its arm to the diamond retailer through the introduction of the Authorised Diamond Dealer status.”