WFDB Responds to Bharat Diamond Bourse Ban on Synthetics

Retail and Consumer Confidence
06/10/2015 14:52

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. Blom clarified that the WFDB is not opposed to trade in synthetic diamonds as long as they are fully disclosed. "Each of our member bourses has full decision-making power regarding which types of diamonds can be bought and sold within their premises as long as the decisions are made in line with the WFDB's regulations," Blom said. "I would reiterate that we are not opposed to trading in synthetic/laboratory-created diamonds and accept that there could be a market for them. We only insist that such stones are fully disclosed... This is critical in ensuring consumer confidence." Last year, the Israel Diamond Exchange announced it was banning trading in synthetic diamonds on its trading floor.