Labs to Re-Examine Submission Terms following Detection of Undisclosed Lab-Made Diamonds
June 04, 12
As first reported by IDEX Online, World Federation of Diamond Bourses (WFDB) President Avi Paz convened the WFDB, the International Diamond Manufacturers Association (IDMA), DTC and leading diamond certification laboratories to a meeting during the JCK show. It what was described as a technical conference. The diamond labs emphasized that they have the ability to distinguish between natural diamonds and lab-made diamonds. All diamond-grading labs agreed to re-examine the terms that are signed by the diamond traders submitting diamonds for evaluation. “These terms should clearly state that all parties agree on the exact procedures to be followed in case a diamond or diamond parcel is submitted without full disclosure of its origin,” WFDB said in a release Monday morning. Conference participants “confirmed their clear intention to join efforts in preserving the transparency in the diamond trade for the benefit of the global business, to ensure that consumers can receive full disclosure about the diamonds they purchase.” The submission and concerns of intended fraud were reported two weeks ago, after IGI informed its clients and other labs about the submission of 600 undisclosed lab-made diamonds to its Antwerp lab. A number of issues remain however open. Despite allegations that the submission to IGI was fraudulent at its basis, a complaint was not filed with law enforcement authorities in Antwerp on in New York City, where the submitting trader bought the goods. The industry is still moving hesitantly in implementing firm steps, such as expulsion from diamond exchanges or passing regulations that require reporting to local police any undisclosed submission.
