WFDB and DTC Discussions "Comprehensive and Positive"
June 12, 06
A delegation comprising the Executive Committee of the World Federation of Diamond Bourses (WFDB) and the management of the Diamond Trading Company (DTC) met for their annual meeting at DTC headquarters in late May. Their discussions, reportedly comprehensive and positive, covered a range of important industry-wide issues, notably on the need for ethical accountability within the industry, which is a topic of growing importance across the globe and in all industry sectors.
The DTC stated its commitment to maintain its support for non-Sightholders through allocations of rough diamonds to Diamdel. The company also promised to continue its program of presentations in cutting centers that it began in 2005. The WFDB stated that these presentations, which are designed for non-Sightholders to communicate the DTC’s view on industry challenges and its on-going strategy, have been well received.
The DTC agreed to enter into further discussions with the WFDB to examine how they could ensure that there is gemological detection equipment in all the 25 WFDB-affiliated diamond bourses around the world, for the use of bourse members.
The WFDB presented its plans to introduce the ‘WFDB Mark,’ which will enable individual WFDB bourse members to provide assurance that they operate ethically and responsibly in business dealings, and therefore promote consumer confidence through transparency. DTC offered its support and stated that it welcomed any initiative that increased awareness of the need to make the industry transparent and accountable on ethical issues.
Shmuel Schnitzer, president of the WFDB, headed the WFDB Executive Committee delegation and, as this was his last meeting with the DTC as president of the WFDB, he was presented with a gift as a token of the DTC’s appreciation for his outstanding leadership.
The WFDB and the DTC also discussed the current market environment. The DTC repeated its view that industry fundamentals remained good both from a demand and supply perspective, although the WFDB expressed its concern regarding the current market situation.