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WFDB Supports Bharat Ban While Not Opposed to Synthetics Trade

Oct 6, 2015 7:14 AM   By Rapaport News
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RAPAPORT... The leadership of the World Federation of Diamond Bourses (WFDB) isn't opposed to the trade in synthetic diamonds but takes no issue with Bharat Diamond Bourse’s decision late last week to ban dealing in them.

WFDB president Ernie Blom said in a statement that “each WFDB-affiliated exchange is within its rights to decide on its policy on the issue” but clarified that “the WFDB is not opposed to the trade in such stones as long as they are fully disclosed.”

“Each of our member bourses, of course, has full decision-making power regarding which types of diamonds can be bought and sold within their premises as long as the decisions are made in line with the WFDB's regulations,” Blom said.

“We are not opposed to trading in synthetic/laboratory-created diamonds and accept that there could be a market for them,” he added. “We only insist that such stones are fully disclosed so that the trade and consumers know exactly what they are being offered. This is critical in ensuring consumer confidence.”

The global industry body’s response comes after Bharat Diamond Bourse passed measures at its annual general meeting on September 29 to prevent the trade in any form of laboratory-made stones including CVD within the bourse premises.

Blom also underlined that the Indian bourse’s decision was “to ensure the growth of the natural diamond trade, strengthen consumer confidence and reassure faith and trust in diamonds,” which he said was an aim “that the WFDB fully supports.”
Tags: Bharat Diamond Bourse, Rapaport News, Synthetic diamonds, World Federation of Diamond Bourses
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