WFDB Urges Development of ‘WFDB Mark’

The Executive Committee of the World Federation of Diamond Bourses WFDB is determined to develop the “WFDB Mark,” a trademarked logo that approved members of WFDB-affiliated diamond exchanges will be able to display to clients and suppliers.

The idea behind the mark is that it confirms that firms using it abide by the world federation’s better business principles.

“Today, in a globalized economy, in which the stakes of consumer confidence are so high, we feel that it is imperative that we create for our organization a profile that will be seen and appreciated by the consuming public,” explained WFDB president Shmuel Schnitzer following the committee meeting in Antwerp earlier this month.

Another issue discussed in detail was the measures that should be taken by the world federation to face the challenges posed by gem quality synthetic diamonds. In a statement WFDB announced its support of consumer confidence in the integrity and the rarity of the natural diamond.

It added that while it has no interest in the suppression of the production or trade in synthetics, it does view as problematic non-disclosure of the fact that a stone is synthetic, or that a natural diamond but has been treated.

The federation decided that any member of an affiliated bourse that does not make such disclosure is liable to the most severe disciplinary procedures as well as possible criminal sanctions.

The executive meeting in Antwerp also agreed to co-chair an industry-wide Consumer Confidence Commission, together with CIBJO, The World Jewellery Confederation.

Following developments at the DDC after hosting the last WFDB congress held in New York, the WFDB Executive Committee also agreed that “any surpluses of funds accrued at future gatherings of the organization will be earmarked for the promotion of the WFDB’s trade activities”.