JCK reports that Ernest Blom, better known as Ernie is stepping down after serving eight years as President of the World Federation of Diamond Bourses. During an online meeting earlier today, the organization's Executive Committee chose Israel Diamond Exchange President Yoram Dvash as acting president. According to JCK, citing a letter, Blom says he (temporarily) cannot continue in his post for "personal reasons". JCK adds that Blom's diamond company is currently caught up in a legal battle with the Dubai Diamond Exchange, member bourse of the World Federation.
The World Federation of Diamond Bourses (WFDB) and the Korea Diamond Exchange (KDE) have signed a cooperation agreement to help with the development of the young bourse in South Korea. Signed on February 6, 2019, the agreement entails that the WFDB will assist with the promotion of the diamond business in South Korea, and will provide assistance to the KDE in lobbying the Korean government in matters that can enhance the diamond business.
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.
Australia's Tychean Resources, a gold exploration and natural resource development company, has agreed to buy a 74 per cent stake in South African-based diamond company, Blom Diamonds, reports Australian Mining. The deal is reported to be worth up to $4.1 million (AUD 5.5 million).
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.
Diamond companies, especially the small and medium-sized firms who make up the bulk of our membership, cannot easily access financing. Diamond manufacturing and trading companies need to finance their operations, however with banks facing higher capital requirements, risk aversion and increased regulatory burden, the financing they make available to diamantaires has fallen significantly in recent years and that has meant reduced operational flexibility and increased vulnerability to market movements for diamond companies.
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 unanimously elected Ernie Blom for a third consecutive two-year term as president during the recent World Diamond Congress in Dubai, while Israel Diamond Exchange president Yoram Dvash was elected as vice president, reports The Retail Jeweller - India. Blom said he was delighted with the debates and decisions taken at the biennial meeting of the WFDB and International Diamond Manufacturers Association (IDMA).
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 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.
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.
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.
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.
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.