The Hindu Business Line : To counter synthetic threat — Natural diamond to sport WFDB Mark from June

Mr Shmuel Schnitzer (left), President, World Federation of Diamond Bourses, with Mr Jeffery Fischer, President, International Diamond Manufacturers Association, at a press conference in Mumbai on Tuesday. - Paul Noronha

Mumbai , Nov 15

THE World Federation of Diamond Bourses (WFDB) has decided to introduce the trademark logo `WFDB Mark' for natural diamond by June 2006, to counter the threat posed by synthetic diamond.

This was announced at the WFDB President's meet in Mumbai on Tuesday.

Members of WFDB-affiliated diamond exchanges can display the logo to show that they abide by the federation's better business practices.

"WFDB is committed to the principles of consumer confidence. Bourse members who are permitted to display the WFDB Mark will be required to sign the document by which they formally commit to uphold these principles. A media campaign will be undertaken as part of the programme," Mr Shmuel Schnitzer, WFDB president, told reporters.

The biennial `President's Meeting' of WFDB was held for the first time in the country.

It was also decided at the meeting that federation members would not seek membership in the recently created Council for Responsible Jewellery Practices.

The CRJP structure was problematic and did not account for the role played by representative organisation in the industry, he said.

The meeting also cautioned members about handling rough diamonds from the Ivory Coast.

"The approval of a comprehensive plan that will result in the official launch of the WFDB Mark at the World Diamond Congress in June 2006. Also, the presidents cautioned bourse members against handling rough diamonds originating from the Cote d' Ivorie (Ivory Coast) be traded, since such merchandise is currently being embargoed by the legitimate diamond trade," Mr Schnitzer said.

In a joint statement with International Diamond Manufacturers' Association (IDMA), the federation recognised the provisions of the US Patriot Act, and noted that similar anti-money laundering legislation in other countries exists or was under preparation.

Two organisations expressed concern that the implementation of the US Patriot Act would disturb international trade with the US and create a trade barrier in diamond and gems and jewellery industry.

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