DTC and WFDB meet to discuss trade issues

World Federation of Diamond Bourses (WFDB) and Diamond Trading Company (DTC) held discussions at the DTC London office to discuss developments within the generic industry and issues concerning each other’s operations. The DTC delegation was led by Managing Director Varda Shine and the WFDB representatives were headed by President Avi Paz.

The two trade bodies shared views on the WFDB Mark™and De Beers’ generic marketing activities for Q4. DTC applauded WFDB for its involvement in providing input for the Financial Action Task Force (FATF) RBA Guidance for Dealers in Precious Metals and Stones and on being accepted as a member of the FATF’s Consultative Forum.

Part of the discussion concentrated on improvisation of the ethical standards in the industry, to reach them to the highest standards, as also key issues impacting the cutting centres. DTC expressed support to WFDB’s goal in implementing the WFDB Mark™ as a sign of integrity, backed by a system of auditing, monitoring and enforcement. As trade bodies, both have a common goal to evidence ethical accountability in the diamond industry. DTC recognises the value of ethically operating diamond companies in becoming members of one of the 28 affiliated WFDB bourses around the world.

Adding in a celebratory mood, DTC congratulated Avi Paz on his appointment as the Federation’s new President and the success of the recent Congress in Shanghai.

The meeting concluded on a positive note to establish some common objectives between the two very important trade bodies of the diamond and diamond jewellery industry as a whole.