World Federation of Diamond Bourses (WFDB) President Avi Paz clarified that the recently opened Singapore Diamond Exchange is not the same as the Diamond Exchange of Singapore (DES), which is the first Asian member of the WFDB.
Avi Paz stated, “I wish to stress that the Singapore Diamond Exchange is a private limited company that facilities the buying of diamond portfolios for investors. It is simply not a diamond bourse as defined by the global diamond trade. Its mission and purpose is completely different from the mission of our affiliated bourses, which is to be genuine trading platforms that bring together diamond buyers and traders under strict guidance.
The Singapore Diamond Exchange (SDX) is a platform for private investors to invest into diamonds as an asset class. Mr. Paz further added, “The Singapore Diamond Exchange is operating within the Singapore Freeport and has no connection whatsoever with the World Federation of Diamond Bourses. It is not a member of our federation, nor is it structured as one of our 28 world member bourses.”
The Diamond Exchange of Singapore (DES), registered as a non-profit association in Singapore, was the very first diamond bourse in Asia to become member of the World Federation of Diamond Bourses in 1980. The name “DES” and its logo are registered trademarks in Singapore. DES members are in no way associated directly or indirectly with the SDX.