Ernest Blom, Eli Izhakoff and Gaetano Cavalieri at the signing.

(IDEX Online News) – The World Federation of Diamond Bourses (WFDB) and CIBJO, the World Jewellery Confederation, have signed a cooperation agreement under which they will seek to coordinate positions, with the aim of positively influencing developments in the international diamond and jewelry sectors.

 

The agreement was signed by their respective presidents, Ernest Blom and Gaetano Cavalieri, at the Presidents' Meeting of the WFDB in Istanbul.

 

The WFDB and CIBJO will aim to coordinate positions in the areas of gemological standards and nomenclature; standards and methods of disclosing of treated, enhanced, synthetic and simulated diamonds and gemstones; and Corporate Social Responsibility, good governance and sustainability, including the Kimberley Process.

 

They also will share knowledge, information and assessments about developments in the international diamond and jewelry markets, with the aim of protecting the integrity of their members.

 

"This agreement recognizes that in the current environment, no single sector of our industry operates in a vacuum," said Cavalieri. "Through cooperation and coordination, we will be better able to serve our members, our customers and our stakeholders."

 

Meanwhile, Blom commented: "By creating a proper framework in which we can discuss developments and formulate policies and strategies, we will promote a more efficient and more responsive industry," said. "Ultimately, this will serve the confidence of consumers both in our products and our industry."

 

The signing was witnessed by World Diamond Council President Eli Izhakoff, who is honorary life president of both the WFDB and CIBJO. "I congratulate both presidents and both organizations on this important agreement," he said.  "If we have learned one thing in recent years, it is that the chain of distribution is only as strong as its weakest link. The agreement is meant to ensure that there are fewer potential weak links."