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WFDB Presidents Meeting Addresses Consumer Confidence
Jun 26, 2007 4:48 AM
By Leah Granof
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RAPAPORT... Issues relating to consumer confidence and shifting economic forces within the diamond industry dominated first day discussions at the President’s Meeting of The World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) in Amsterdam Monday June 25th, 2007.
Marking the WFDB’s sixtieth anniversary, WFDB president, Ernie Blom, called the organization, "more prominent today possibly than at any other time in its 60-year-long history," and attributed the success to a "deliberate decision to raise the public profile" of the organization. His remarks preceded an internal debate on the long-expected rollout of the WFDB Mark which is an effort by the organization to brand itself along ethical guidelines.
As a trademarked logo, the WFDB Mark can be displayed and used by approved members of affiliated bourses to indicate their commitment to ethical business practices including full disclosure, fair labor practices and human rights protections. Three years in the making, details of how bourse members can use the mark and its exact applications are still under consideration as evidenced by discussion during closed meetings.
Diamond Trading Company (DTC) manager, Varda Shine, praised the Mark but called on WFDB members to demonstrate its practical effectiveness for consumer confidence and protection. "A Mark on its own - however prestigious the issuing authority may be - will not satisfy the court of public opinion nor survive the scrutiny of consumer watchdogs," she cautioned.
Furthering the agenda of consumer confidence, Jeffrey Fischer, president of IDMA, raised the issue of disclosure of treated diamonds in gemological laboratories, noting that labs still lack a standard procedure for determining whether a diamond has received treatment. CIBJO president Gaetano Cavalieri reported that CIBJO is working on a "listing system" that will help to standardize the terminology and determine which labs have instituted such standards. IDMA asked for CIBJO’s advisement on the issue because CIBJO already has in place a system of lab accreditation.
In support of these various efforts by WFDB and IDMA, HRD Antwerp announced that it would donate screening machines to all of the WFDB bourses. In addition, the Antwerp World Diamond Center donated $50,000 to the WFDB and Anoop Mehta, president of the Bharat Diamond Bourse, volunteered $30,000.
In addition to the usual industry leaders, participants also heard from the Mayor of Amsterdam, Job Cohen, and the meeting’s host Ed Bilk, president of Vereniging Beurs Voorden Diamanthandel (the Amsterdam Diamond Exchange.) Both men recounted Amsterdam’s rich history in the diamond industry which was home to the first central diamond exchange established in 1881, and then the first modern bourse nine years later. The industry remained strong until World War II, when many of the city’s Jewish diamantaires were killed.
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Tags:
CIBJO, DTC, HRD, HRD Antwerp, Laboratories, Labs, World Federation of Diamond Bourses (WFDB)
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Consumer confidence
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Sep 5, 2007 11:44PM
By Michael Cohen
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I received a call this morning, one which we get on a regular basis.
The question is always the same, and our answer is always the same.
It usually starts with, "I am buying a diamond how can I be sure that I am getting what I am told".
the answer is simple.
No matter where you are buying a stone you need to firstly make sure the retailer is reputable.
A good way to determine this, is by the certificate they provide you with the diamond.
If you are offered a certificate from a reputable laboratory that is recognised by the world associations you can be sure you are getting what you are told. And dealing with a reputable retailer.
If you are offered a bogus certificate or an in house certificate of valuation you should shop elsewhere.
This advice is simple and seems logical, YET we constantly see consumers who have been caught out.
Why is this?
Well today, I would like to share what we see.
The consumer is sceptical and mistrusting by nature,YET
when they are involved in a emotional purchase and at their most vulnerable, the sharks come out to feed,playing on the feeling of the moment and the feeling between the couple.
It takes very little to convince a first time, uninformed person that they are getting a great deal, especially with very official looking paperwork.
This always ends in tears and usually the feeling is they will never trust again.
It is amazing that a few unethical traders who perpetuate these problems bring doubt on to the industry as a whole,and my personal view is that we should stand together and get rid of them once and for all.
Point out the pit falls to your customers, they do appreciate it.
Michael Cohen
Diamond Certification Laboratory of Australia
Suite 1, Level 1
133 Castlereagh Street
Sydney, 2000
Tel: 02 9261 2104
Fax: 02 9261 4263
www.dcla.com.au
info@dcla.com.au
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