WFDB Launching 'Know Your Customer' Initiative in May

Finance and Trade
06/03/2016 08:52

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.

Participants in the meeting also agreed on the need to work closely with the Diamond Producers Association (DPA) to bring about effective generic marketing of diamonds, particularly through creating a deeper relationship between the DPA and the World Diamond Mark, a WFDB-supported initiative.