DTC, WFDB Say Annual Meeting “Useful and Productive”
September 10, 08
The heads of the Diamond Trading Company (DTC) and the World Federation of Diamond Bourses (WFDB) said on Wednesday their meeting in In previous years the WFDB used the meeting to try and increase the supply of rough diamonds to the secondary market. This extra supply was made through De Beers’ Diamdel. This year, however, the subjects that were reportedly discussed included the WFDB Mark, De Beers’ generic marketing activities for the fourth quarter and “the importance of the industry’s response to maintaining the highest ethical standards and key issues impacting the cutting centers.” Both sides agreed that the meeting showed much common ground between the WFDB and the DTC, and came to several important conclusions.
The DTC applauded the WFDB for their involvement in providing input for the Financial Action Task Force (FATF) RBA Guidance for Dealers in Precious Metals and Stones and congratulated the WFDB on being accepted as a member of the FATF’s Consultative Forum.
The DTC and the WFDB are fully aligned in their goal to evidence ethical accountability in the diamond industry. To this end, the DTC is supportive of the WFDB’s goal to fully implement the WFDB Mark as a sign of integrity, backed by a system of auditing, monitoring and enforcement.
The DTC recognizes the value to ethically operating diamond companies in becoming members of one of the 28 affiliated WFDB bourses around the world.