The vanguard of independent diamond-industry journalism, Chaim-Even Zohar, last week announced his retirement, bringing more than 40 years of uncompromising investigative reporting to an end.
Leading diamond industry organizations The World Federation of Diamond Bourses (WFDB), The World Jewellery Confederation (CIBJO) and the International Diamond Manufacturers Association (IDMA) have fulfilled the final stage of an agreement, by which the nomenclature used by the International Diamond Council (IDC) will now be harmonised with that of CIBJO’s Diamond Blue Book, creating a single standard for diamond and jewelry nomenclature.
Back in February, the Gems & Jewellery Export Promotion Council (GJEPC) hosted the "Diamond Financing 2017: New Opportunities, New Realities" seminar coinciding with the 2017 Presidents Meeting, the biannual gathering of the World Federation of Diamond Bourses (WFDB). Avi Krawitz reports on the proceedings: "The bankers still view diamonds as a high-risk sector. Representatives from the diamond trade, meanwhile, feel there has been significant progress in improving the industry’s level of compliance, transparency and so-called bankability.
On Thursday March 9, 2017 Antwerp’s Young Diamantaires hosted their first networking event since the initiative was relaunched. Supported by the Antwerpsche Diamantkring, the Young Diamantaires’ program is designed to provide a platform for the under-40 generation of diamantaires, polishers, jewelry manufacturers and diamond industry professionals working and living in Belgium. The Diamond Loupe sat down with a few committee members from the Young Diamantaires Antwerp (YDA) and asked them about their initiative.
The 50TH Annual General Body Meeting (AGM) of The Gem & Jewellery Export Council (GJEPC), held on December 20, 2016, took some significant decisions, according to a press release. For one, the body approved changes in its code of ethics, necessary to complete the process of the GJEPC induction as a member into the World Federation of Diamond Bourses (WFDB). The AGM also approved the formation of the Trade Disciplinary Committee (TDC) by the GJEPC, together with the Bharat Diamond Bourse (BDB) and the Mumbai Diamond Merchants’ Association (MDMA).
Avi Krawitz of Rapaport News details a decision by the Israel Diamond Exchange (IDE) to enforce a new rule compelling a dealer to cancel the sale of a rough diamond after he failed to disclose that a stone underwent value analysis using a Sarine Galaxy machine. Krawitz has been informed it is the first ever enforcement of new guidelines the World Federation of Diamond Bourses (WFDB) adopted in May aiming to keep a level playing field between both parties trading rough diamonds.
The 2017 Presidents Meeting, the biennial gathering of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), will take place in Mumbai from February 5 to 8, 2017, according to a press release from the WFDB secretariat in Antwerp. The Presidents Meeting starts off the WFDB's year of celebrations for its 70th anniversary and will also feature a major Diamond Financing Seminar and Roundtable.
Cameroon is allowing conflict diamonds from the Central African Republic to cross over its borders and into the legal supply chain due to poor controls, smuggling and corruption, Partnership Africa Canada said in a report published today.
As announced last week, the Antwerp diamond bourses will make it possible for all its members to avail of HRD Antwerp screening technology at no cost. This initiative adds a second layer of confidence, as polished diamonds imported to Antwerp from India are already checked at AWDC's Diamond Office.
A government decree has been signed by President Alpha Conde of Guinea for the establishment of the Diamond and Gold Bourse of Guinea Group (DGBG). The DGBG is a joint effort of the daughter of King Saud, two Canadians, I. E. Lakkis from Investissement Royal KSA Inc. of Montreal QC, and. Mike Botha, CEO of Embee Diamond Technologies, in collaboration with a range of Guinean governmental departments and other stakeholders. The DGBG will offer membership to diamantaires who are audited members of the Responsible Jewelry Council.
It's not just the banks that are insisting on stricter compliance standards and diamond pipeline integrity, writes Avi Krawitz on Rapaport, but the largest mining companies and jewelry retailers too. The central themes of the recent World Diamond Congress of transparency, responsibility and sustainability precisely summarized the challenges facing the industry and what it has to aim for.
The World Federation of Diamond Bourses (WFDB) has created an international program to develop the future generation of diamond dealers. The Young Diamantaires initiative was introduced at the 37th World Diamond Congress in Dubai in May and will be led by Rami Baron, who was elected chairman of the WFDB's promotion committee at the meeting. The project originates from discussions between the committee's members to encourage communication among younger diamantaires and connect them with newer members of the WFDB’s 30 affiliated bourses.
The Panama Diamond Exchange, Latin America’s first diamond bourse, will from now on be known as the “World Jewelry & Diamond Hub, Panama.” The move was approved by the General Assembly of the World Federation of Diamond Bourses, during the 37th World Diamond Congress. The change was announced by the Panamanian bourse’s president, Mahesh Khemlani. “While the trade in diamonds is a principal component of the activity at our bourse, it is certainly not the only one,” he explained.
Financing and persuading banks to provide credit to the diamond trade, the lack of profitability for manufacturers, the critical need for generic marketing of diamonds and persuading Millennials to buy diamond jewelry, the damage caused by frequent changes to price lists, the threat from synthetic diamonds and deliberate overgrading, together with diamond sourcing protocols were the main issues debated at length at the World Diamond Congress in Dubai this week.
Nurit Rothmann's most recent blog, entitled “Playing the High Stakes Game with a Marked Deck of Cards,” which considers the lack of transparency in the rough diamond trade as well as measures designed to remedy the situation, has instigated a good amount of debate, much of it positive and constructive. Among the persons who reacted was Ernest Blom, President of the World Federation of Diamond Bourses, who requested that his response be published:
The World Federation of Diamond Bourses (WFDB) will launch its Know Your Customer initiative in May. The news was announced following the WFDB Asia Summit held in Seoul at the end of last month where the WFDB’s executive committee agreed on internal changes, as well as steps regarding increasing transparency in trading and generic marketing by the global diamond trade. The WFDB-supported Know Your Customer aims to increase transparency between the diamond industry and banks and regulators.
In this exclusive article, World Federation of Diamond Bourses (WFDB) President Ernie Blom responds to the story Chaim Even-Zohar, editor of Diamond Intelligence Briefs, published last week about a company offering CVD lab grown (synthetic) diamonds inscribed with the numbers of genuine GIA natural diamond grading certificates on Alibaba, a leading online global wholesale trading platform.
The natural diamond trade should welcome the establishment of the International Grown Diamond Association (IGDA) announced last week even though it may actually serve as a wake-up call for the industry, writes Rapaport's Avi Krawitz. The new body could provide a formal channel of communication in the synthetic – or lab-grown – industry, particularly over the threat of undisclosed synthetics being mixed into parcels of natural diamonds.
The World Federation of Diamond Bourses (WFDB) will hold its 37th World Diamond Congress in Dubai from May 16 to 19, and has identified transparency, responsibility and sustainability as the key themes of the meeting.
Russia's Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev believes there is demand for a diamond exchange trading floor in Vladivostok in the country's Far East and that it can be opened this year. Rough & Polished cited comments from Trutnev in the Vedomosti daily newspaper: "China is now the second-largest consumer of diamonds in the world. Japan is a major consumer. The U.S. can also be attributed to the Asia-Pacific region. The market is very large.
Despite difficulties the global industry is facing and is likely to continue to see this year, "renewed confidence and an optimistic outlook" is necessary, World Federation of Diamond Bourses President Ernie Blom writes in a commentary in GemKonnect. "We all know that the issues that confronted the industry last year are not going to disappear just because a new year has started, but we must also realize that financial and economic challenges are temporary and it is imperative to retain a balanced outlook.
The World Federation of Diamond Bourses (WFDB) held its Executive Committee meeting to set out a new strategic direction for the organization. President Ernie Blom: "We realize that we need to move quickly in implementing a new strategy…we want to be the clear voice of the industry for the media, government bodies and other organizations.” WFDB agreed to expand membership by adding new representatives of the diamond pipeline. They also plan to introduce a global communications strategy to make it the authoritative trade organization of the diamond industry.
The executive committee of the World Federation of Diamond Bourses (WFDB) will meet in Idar-Oberstein, Germany, from November 1-2 to discuss the current condition of the global diamond industry and to put a new strategy in place. WFDB President Ernie Blom said it is critical for the organization to clearly define its strategy, mission, vision and values as well as growing its membership by broadening the benefits of being a WFDB member.
In a press release, World Federation of Diamond Bourses (WFDB) President Ernie Blom responds to the Bharat Diamond Bourse's decision to ban trading of synthetic diamonds, saying that each WFDB-affiliated exchange has the right to decide its own policy on the issue.
ALROSA is drafting a proposal to establish a diamond bourse in the Far East of Russia to be presented for approval to Deputy Prime Minister Yuri Trutnev and Finance Minister Anton Siluanov, according to comments from ALROSA President Andrei Zharkov on the sidelines of the International Jewelry Forum in Moscow. "The company is considering the possibility of organizing a trading platform for rough and polished diamonds in the Far East. We are actively pursuing this issue.
Leading diamond and jewelry industry figures took part in a debate on the challenges facing the business on September 3 at the Eastern Economic Forum meeting in Vladivostok. The panel session, called New Development Drivers of Global Diamond Business in Asia Pacific, looked at the current state and future prospects of the diamond industry and was hosted by Russian diamond miner Alrosa.
The Panama Diamond Exchange announced that its President, Erez Akerman, will end his term at the head of Latin America's only WFDB-recognized diamond bourse on October 30. He will then become managing director of the World Jewelry Hub, and at the same time will be devoted to managing his own company at PDE, Akerman Diamonds. Akerman has served as Panama Diamond Exchange president since 2008. No reason was given for the sudden departure.
The head of the World Federation of Diamond Bourses answers question on a wide range of issue of concern to the global diamond industry, including sales, declining profitability, finance, overgrading, generic marketing and the challenges of beneficiation.
Price lists have become an increasingly important part of the diamond market over the past 25 years – and the Rapaport list has achieved overwhelming importance. But do, and can, such lists, provide an accurate indication of diamond prices? Are changes to the list carried out too often and are those changes too severe particularly at a time when trading conditions are difficult? Is there a realistic alternative to the Rap list, or will the industry have to live with it?
World Federation of Diamond Bourses (WFDB) President Ernie Blom has praised the release of ISO International Standard 18323: Jewellery - Consumer confidence in the diamond industry. "ISO notes, very clearly, the issues that the WFDB has been emphasizing for some time: the need for integrity and transparency to ensure that consumers have total confidence in our products. Buyers do not usually have the technical knowledge to understand the many aspects of diamonds and so they are reliant on correct and honest labeling," Blom said.
The World Federation of Diamond Bourses (WFDB) announced on Wednesday that Louise Prior, formerly a senior executive at De Beers, is joining the organization as its executive director effective from August 1. The creation of the key role of executive director reflects the WFDB’s desire to enhance further its pre-eminent position in the modern diamond industry. “Louise is a natural choice for this important position," WFDB President Ernie Blom. "She is a highly respected and well-known diamond industry professional with vast experience.
A local businessman believes the islands are ideally placed to serve as a hub for diamond trading, being almost on the United States' doorstep. However, the Cayman Islands would face a range of hurdles, including being accepted by the KP, which could take two years, being accepted as a member of the World Federation of Diamond Bourses (WFDB), which could also be a lengthy process, and competition from the recently opened Panama Diamond Exchange. And then there is the somewhat negative public perception of the islands as a tax hideaway.
European Gemological Laboratory (EGL) operations outside of North America will adopt a unified grading standard to restore the reputation of the lab's grading reports, the company announced on Monday.
Members of the global diamond trade may face arbitration for dealing in diamonds with a color grading that differs with industry standards by more than one grade, according to a new policy issued by several industry organizations. The policy statement, obtained by Rapaport News last week, was formulated by the World Federation of Diamond Bourses (WFDB), the International Diamond Manufacturers Association (IDMA) and CIBJO – The World Jewellery Confederation.
Leaders of the International Diamond Manufacturers Association (IDMA) – Secretary-General Ronnie VanderLinden and President Maxim Shkadov – emphasized the need for the manufacturing sector to achieve sustainable profit margins which would also provide motivation for the young generation to join the industry.
In light of market conditions, Russian miner Alrosa has reduced the prices of its rough goods by 6% since the start of 2015, but it also predicts that the market will improve by the end of this year. The comments were made by recently appointed president Andrey Zharkov. He told Reuters that Alrosa cut rough diamond prices by 3% in February and by the same amount in May.
"I think we saw the same going on with De Beers' sight prices, according to the information we have," Zharkov told the news agency after speaking at the 2015 Presidents Meeting in Tel Aviv.
The large diamond producers can bring stability to the diamond market and restore profitability to the industry's midstream by cutting back volumes of rough sales, said Israel Diamond Exchange President Shmuel Schnitzer, and Israel Diamond Manufacturers Association President Jacob Korn, for by indirectly reducing supplies.
Israel Diamond Exchange's (IDE) president, Shmuel Schnitzer, addressed the WFDB and IDMA presidents meeting in Tel Aviv. He said that, "In Israel, we have an annual turnover of over $20 billion. We are leaders of the diamond world in technological development for manufacturing and online marketing. We recently set up a model factory, where we make cutting-edge, advanced machinery available to all manufacturers in our industry. A young generation is joining the ranks of those involved in the industry, and indeed, the potential in Israel is endless."
At the World Federation of Diamond Bourses (WFDB) and International Diamond Manufacturers Association (IDMA) Presidents meeting in Tel Aviv earlier today, Philippe Mellier, CEO of De Beers Group, said that sustainable returns across the diamond pipeline are key to investment for further growth. “Diamantaires need to make sustainable returns so they can invest in things such as new technology, marketing activities and business efficiency.