Blogs by WFDB President

LETTER FROM ACTING PRESIDENT

By: Yoram Dvash, Acting President, World Federation of Diamond Bourses

Dear Friends,

The summer is here and there is reason for optimism and for concern. First the good news.

The world diamond industry is slowly getting back on its feet. Diamond bourses are returning to activity around the world, with limitations and restrictions brought on by the Coronavirus crisis. Antwerp, the leading rough trading center, opened its bourses in May, as did Ramat Gan.

Most recently Dubai and New York reopened and Mumbai returned with limited capacity.

A YEAR NOT TO REMEMBER

By: Ernie Blom, President, World Federation of Diamond Bourses

As the industry is closing for the New Year holidays, it is the right moment to reflect back on the past year and look forward to what that future will bring us. 2019 certainly was a remarkable year but for many, but not a year to remember.

A KP PERMANENT SECRETARIAT: BUREAUCRATIC PAPER PUSHER OR PRO-ACTIVE TOOL FOR CHANGE??

By: Ernie Blom, President, World Federation of Diamond Bourses

In a couple of days the Plenary of the Kimberley Process starts in New Delhi, India. The Indian KP Chair has the difficult task to unite some irreconcilable positions. One of the decisions put forward for approval relates to the establishment of a Permanent Secretariat.

HOW TRACEABILITY, PROVENANCE AND BLOCKCHAIN TECHNOLOGY ARE BECOMING THE NEW MANTRAS IN ROUGH DIAMOND TRADING

By: Ernie Blom, President, World Federation of Diamond Bourses

Traceability of the origin of rough diamonds was at the heart of the Kimberley Process when it was established in 2003. Many efforts were undertaken to develop protocols, which would guide KP Participants on the issue of traceability of production.

KYC: BRIDGE OVER TROUBLED WATER

By: Ernie Blom, President, World Federation of Diamond Bourses

The diamond and jewellery industry is an industry spanning all continents. It covers a vast array of activities, from mining of minerals, their processing, conversion into jewellery, and finally retail activities, which lead to its sale to the end consumers. It also covers trading activities at all of these stages.

THE FUTURE PLACE OF SYNTHETIC DIAMONDS IN THE DIAMOND MARKET

By: Ernie Blom, President, World Federation of Diamond Bourses

Reflecting back over the last 12 months, it must be clear to everyone active in the diamond trade that no subject has gained more attention than that of synthetic, or lab-grown, diamonds, in the future market and how consumers can differentiate this product from the real thing.

In June 2018, De Beers introduced its Lightbox jewelry range set with lab-grown stones, which was perceived by many in the industry as a game-changer.

A NEW NORMAL IN THE DIAMOND TRADE

ABN Amro Bank recently sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases "in view of the continued lack of profitability in the purchase of rough goods. We recommend you to show constraint and only consider purchasing rough when there is sufficient profitability. We want our clients to … refrain from purchases just with the aim to hold on to existing allocations with the mining companies or just to remain fixed to sources only hoping for better times to come.”

THE KP ELEPHANT IN THE ROOM HAS TO BE DEALT WITH

By Ernie Blom, WFDB President

The Kimberley Process Certification Scheme (KPCS) Intersessional Meeting in Mumbai completed its half yearly meeting three weeks ago. It gave us some time to reflect on why the KPCS agenda is moving so slowly.

Undoubtedly, the KPCS is one of the great accomplishments of the worldwide diamond community of the last two decades. ‎Since the WFDB-IDMA Congress in Antwerp in the year  2000, enormous steps have been made to create a safer, conflict-free diamond trade.