The World Federation of Diamond Bourses (WFDB) President Avi Paz stressed his commitment to the recent alert by Diamond Trading Company and IGI regarding identification of synthetic diamonds and their disclosure.
The alert issued last week to the diamond community, informed about colourless to near-colourless CVD synthetic diamonds being submitted in an undisclosed manner with the clear intent to have these lab-grown diamonds certified as natural diamonds.
Avi Paz stressed that WFDB requires its members to identify synthetics and disclose any treatments used on diamonds: “Our affiliated bourses are making every effort to inform their membership of the latest developments in this sensitive area.”
The world diamond bourses have established rules regarding trading in misrepresented or undisclosed products, whether inadvertently or not. A violation of these rules is referred to the Bourse for disciplinary action and can be grounds for suspension, expulsion, fine or other appropriate disciplinary measure.
“Our structure is such that we cannot tolerate any misuse of the reputation of our business. These recent events emphasize the importance of buying from sources that can be trusted. Trading with members of a WFDB affiliated diamond bourse is a way of protecting the trade against infiltration of undisclosed treated diamonds” Paz also mentioned that the transparency in the trade is for the benefit of the global business to ensure that “consumers can receive full disclosure about the diamonds they purchase.”