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.
A bourse whose members deal in diamonds, precious stones or jewellery is entitled to apply for membership of the WFDB provided they have been established for at least one full year under a written constitution, have a clearly designated and representative governing body, and are able to prove their means of subsistence.
Members of the bourses affiliated to the World Federation of Diamond Bourses pledge themselves to uphold the traditions, principles of mutual trust, consideration and friendship which prevail among the members of the bourses world-wide.