WFDB backs full disclosure synthetic diamond trading
JOHANNESBURG (miningweekly.com) – Although each of the World Federation of Diamond Bourses’ (WFDB’s) 30 affiliated members has the right to take a decision on trading in synthetic diamonds, the WFDB is in support of trade in synthetic diamonds, as long as this is fully disclosed.
This followed the India-based Bharat Diamond Bourse’s (BDB’s) decision to ban the trade of synthetic or laboratory-created diamonds and allow only the trade of natural diamonds on its premises.
BDB last week declared that man-made, laboratory grown, or synthetic, diamonds were no longer allowed to be promoted, carried or traded in an effort to ensure the growth of the natural diamond trade, strengthen consumer confidence and restore “faith and trust” in diamonds.
The decision, which was approved by an overwhelming majority of the members and was passed in its entirety at the bourse’s annual general meeting, resulted in the BDB becoming the first diamond bourse in the world to declare its entire premises a natural diamond zone.
Last year, the Israel Diamond Exchange also announced it would ban the trade of synthetic diamonds on its trading floor.
“Each of our member bourses, of course, has full decision-making power regarding which types of diamonds can be bought and sold within their premises as long as the decisions are made in line with the WFDB's regulations," commented WFDB president Ernie Blom.
He assured that the global bourse was not opposed to the trade of man-made diamonds and accepted that there was a market for it.
“We only insist that such stones are fully disclosed so that the trade and consumers know exactly what they are being offered. This is critical in ensuring consumer confidence,” he concluded.
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