‘We Need to Find A Way to Keep All Producers under KP,’ Izhakoff

The WFDB meeting in Moscow is dedicated to charting a path for the future of the diamond industry

The leadership of the global diamond exchanges is seeking to reinvent itself as it proceeds into a changing reality, seeking solutions to issues such as shifting economic centers and threats to the continued existence of the Kimberley Process. This was the main message coming out of the first day of meetings of the World Federation of Diamond Bourses (WFDB).

The WFDB opened its three day bi-annual congress in Moscow on Sunday. WFDB president Avi Paz has asked attendees to come “well prepared,” calling for, “suggestions and constructive ideas that will contribute to the advancement of the diamond business in what is now called the 'new normal' economy."

During the first day of meetings, World Diamond Council (WDC) President Eli Izhakoff said the industry’s goal is to have all producing countries operating under KP, while assuring that the minimum KP standards are met. He said it is a “tricky task,” but one that the industry’s 'A Team' can find a solution for. Izhakoff was referring to a WDC task force committee that includes IsDMA CEO Udi Sheintal, Jewelers of America President Matt Runci, De Beers’ Andrew Bone, former WFDB President Ernest Blom and JVC President Cecilia Gardner, among others.

During the congress talks about KP’s stand on Zimbabwe’s exports of the Marange goods are continuing. Sources close to the negotiations told IDEX Online that there is overwhelming support for approving the exports after the KP Monitor to Zimbabwe reported that the country met the minimum standards.

This is similar to the situation during the KP conference held in Tel Aviv last month where a large majority of delegates supported an approval. Despite that, an agreement was not reached due to NGO and U.S. resistance.

According to CIBJO President Gaetano Cavalieri, the diamond and jewelry industry is far ahead of other industries in applying high moral standards. “We have shown the world our responsibility to consumers,” he said.

Further emphasizing the consumer confidence focus, GIA President Donna Baker told attendees that sustainability and consumer confidence are the main goal of her lab. GIA, she said, is in continued discussions with IDMA and WFDB over marinating the same grading standards at all global centers.