WFDB President Calls Meeting on Synthetic Diamond Disclosure

Jun 4, 2012 10:27 AM By WFDB

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Press Release: The World Federation of Diamond Bourses' (WFDB) president, Avi Paz, convened a meeting on the burning issue of “undisclosed synthetic diamonds” in Las Vegas on June 3.

The gathering took the shape of a technical conference involving leading parties of the international diamond community: the WFDB, the International Diamond Manufacturers Association (IDMA), the Diamond Trading Company (DTC) and leading diamond certification laboratories.

The concluding observations of all participating members can be summarized as follows:

First of all, the diamond labs emphasize the fact that they do have the knowledge and the technological means to distinguish between diamonds of natural origin and synthetic diamonds. Each established diamond lab is capable of determining whether a diamond is man-made.

Secondly, it was agreed that all diamond grading labs would re-examine the terms that are signed by the diamond traders submitting their stones or parcels of stones for evaluation in a diamond grading lab. These terms should clearly state that all parties agree on the exact procedures to be followed in case a diamond or diamond parcel is submitted without full disclosure of its origin.

And last but not least, WFDB, IDMA and the diamond laboratories labs confirmed their clear intention to join efforts in preserving the transparency in the diamond trade for the benefit of the global business, to ensure that consumers can receive full disclosure about the diamonds they purchase.

The meeting fits in with the federation’s determination that the diamond industry and the gemological community develop a common strategy and a harmonized approach regarding the issue of synthetic diamonds.

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