WFDB RECOMMENDS VIGILANCE AFTER UNDISCLOSED SYNTHETICS ALERT
Antwerp : May 21, 2012- World Federation of Diamond Bourses (WFDB) President Avi Paz has stressed his commitment to facilitate the full identification of synthetic diamonds and their disclosure, following a recent alert by DTC and diamond grading laboratory IGI.
Last week, IGI and DTC issued alerts to the diamond community, informing them of undisclosed submissions of colourless to near-colourless CVD synthetic diamonds with the clear aim to have these lab-grown diamonds certified as natural diamonds.
Avi Paz stressed that the WFDB specifically requires its members to identify synthetics and disclose any treatments used on diamonds: “Our affiliated bourses are making every effort to inform their membership of the latest developments in this sensitive area.” The world diamond bourses have established clear rules regarding the trading in misrepresented or undisclosed products, whether inadvertently or not. Any violation of these rules are referred to the Bourse for disciplinary action and can be grounds for suspension, expulsion, fine or other appropriate disciplinary measure.
“Our members are fully aware of their responsibility to protect the integrity of the diamond trade. Our structure is such that we cannot tolerate any misuse of the reputation of our business. These recent events emphasize the importance of buying from sources that can be trusted. Trading with members of a WFDB affiliated diamond bourse is a way of protecting the trade against infiltration of undisclosed treated diamonds. Together with the diamond laboratories, which have the means and technological instruments to detect man-made and treated diamonds, our affiliated bourses provide assistance in identification techniques and a secure structure. It is in the interest of our global business that it remains transparent so that consumers can receive full disclosure about the diamonds they purchase.”