WFDB Supporting India’s International Diamond Monitoring Committee Initiative

(IDEX Online) – The World Federation of Diamond Bourses (WFDB) said in a statement that it is throwing its weight behind the recently announced International Diamond Monitoring Committee initiative of India’s Gem and Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB).

WFDB President Ernie Blom, who took part in the meeting of international representatives which formulated the idea during last week’s India International Jewellery Show in Mumbai, said he was fully supportive of the initiative.

Following the meeting of industry bodies, GJEPC Chairman Praveenshankar Pandya said the International Diamond Monitoring Committee aims to eliminate undisclosed mixing of lab-grown diamonds in packages of natural diamonds as well as having other objectives.

“All the major diamond industry bodies, including the WFDB and the Diamond Producers Association, took part in exhaustive discussions on the subject,” explained Blom, adding that it had reached a number of decisions regarding the new panel’s aims. These will include the monitoring of trends and instances of non-disclosure of synthetics, threats to the polished diamond sector, and agreeing on the most effective detection devices for trade members.

“We stress that we do not have any objection to trading in synthetic stones, only that they are fully disclosed so that consumer confidence in our product is not damaged in any way,” Blom said. “I am very pleased to support this initiative proposed by the GJEPC, which is a WFDB Member, together with the BDB. These are the kind of steps that will enable consumers to have full confidence in diamond jewelry,” he added.

The International Diamond Monitoring Committee members will hold their next meeting at the September edition of the Hong Kong Jewelry and Gem Fair.