JOHANNESBURG (miningweekly.com) – The World Federation of Diamond Bourses (WFDB) has put out a warning that it would not stand for the passing off of synthetic diamonds as natural diamonds and that it would work with legal agencies worldwide to assist in the prosecution of those who participate in such activities.
The WFDB said it had noted a growing tendency for undisclosed synthetic diamonds to be introduced to the market.
“While the WFDB acknowledges that synthetic diamonds have a place in the market, they must not be confused with or marketed as natural diamonds,” the federation said, adding that, according to WFDB policy, synthetic gems had to be declared. The organisation stated that it would have a zero-tolerance approach towards individuals or companies who did not abide by this.
The WFDB said that, last week, during its executive meeting in London, a unanimous decision was made to take severe action against any member who is found to knowingly misrepresent or who fails to disclose synthetic diamonds.
“Members of the diamond industry need to understand that they are personally responsible for what they sell, which is why it is of the utmost importance to know your supplier and the legitimacy of their product, whether it is to ensure they are Kimberley Process-compliant or are disclosing synthetics,” the WFDB said.