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World Federation of Diamond Bourses Presidents Debate Industry Concerns At Working Session

Leaders of exchanges around the globe heard an outline of developments over the past year from World Federation of Diamond Bourses (WFDB) President Ernie Blom at the Presidents Meeting in Tel Aviv on Monday and debated a range of issues. Blom told the presidents that although the industry was facing many challenges, the WFDB, was always ready to accept responsibility for dealing with difficult issues.

Blom revealed that after advertising last month for an Executive Director, the WFDB has created a shortlist of three candidates, with a decision to be announced within a month. "The aim of the new Executive Director will be to drive forward our agenda and to make us an even more dynamic force in the global diamond trade," Blom told the meeting.

Blom said the WFDB continues to hold meetings with banks, producers and labs in order to maintain strong relations. He told members of the concerns of the banks regarding the diamond trade and the specific issues that the banks would like to see dealt with, such as unqualified reports, price discovery, pre-post delivery and mitigation risk.

He also spoke about the different types of WFDB membership categories available, since the body is keen to expand its membership beyond purely bourse members. In addition to bourses, there is a national category for states to join, and associated members in which category India's Gems and Jewellery Export Promotion Council and ABN Amro Bank have joined the WFDB.

Blom gave an update on the recent case where the GIA in Israel discovered more than 400 diamonds that appeared to have been subjected to a color treatment in order to increase their color grade. "Tom Moses, the GIA's Vice President and Chief Laboratory and Research Officer, told us on Monday that the GIA is investigating the nature of the treatment and they will keep us updated," Blom said.

Blom also reported on the issue of diamond price lists, specifically the list published by Martin Rapaport, which sparked widespread debate among participants at the meeting. He said there is considerable concern about the list, particularly following a recent drop in prices that was not regarded by the industry as justified. "Martin Rapaport has said he will sit with us to discuss the issue. We have set up a committee with IDMA to see how this can be done, and it has a high priority."