The World Federation of Diamond Bourses (WFDB) had recently conducted a two-day meeting of the executive committee and Asia-Pacific presidents’ summit in Shanghai, says a report.

The meeting was held to address various important issues like declining profitability for the WFDB members due to high rough prices and falling polished prices, as well as the decrease in bank credit to the trade and the need to boost consumer demand for stones. The executive committee meeting has adopted a very firm stand on the issue of global grading standards. The committee will have zero tolerance for flagrant abuse of grading standards, adds a report.

This apart, WFDB's Asia-Pacific presidents’ summit in 2016 will be hosted by the Korea Diamond Exchange.