RAPAPORT... The World Federation of Diamond Bourses (WFDB) sought to clarify that the opening of the Singapore Diamond Exchange (SDX), a platform for private investors to invest in diamonds, should not be mistaken for the Diamond Exchange of Singapore (DES), which is the first Asian member of the WFDB.
Avi Paz, the president of the WFDB, said, ''I wish to stress that the Singapore Diamond Exchange is a private limited company that facilities the buying of diamond portfolios for investors. It is simply not a diamond bourse as defined by the global diamond trade. Its mission and purpose is completely different from the mission of our affiliated bourses, which is to be genuine trading platforms that bring together diamond buyers and traders under strict guidance.''
The SDX is operating within the Singapore FreePort and has no connection with the WFDB, according to the global body. The DES, however, is registered as a non-profit association in Singapore, was the very first diamond bourse in Asia to become member of the WFDB, back in 1980. The acronym “DES” and its logo are registered trademarks in Singapore. DES members are in no way associated directly or indirectly with the SDX, stated the WFDB.