WFDB

The World Federation of Diamond Bourses (WFDB) exists to represent its Bourse members and the international diamond trade, to protect the image and authenticity of diamonds, to safeguard the legal and commercial trading environment of the midstream diamond market and to engage responsibly on behalf of the industry with external stakeholders.

Established in 1947, the WFDB currently numbers 29 affiliated bourse members and is the umbrella organization of all the world’s accredited diamond bourses. It exists to protect the interests of affiliated bourses and their individual members, and also to further the amicable settlement or arbitration of disputes between individual members of the affiliated bourses and/or between affiliated bourses. The WFDB participates in the promotion of world trade and encourages the establishment of new diamond bourses.

Representing the vast majority of diamond traders and manufacturers worldwide, the WFDB is the ‘go to voice’ for the diamond industry. It aims to further professionalize the diamond industry by promoting better understanding and closer cooperation between people around the world who earn their livelihood in the diamond trade.

The most important resource and responsibility of the WFDB are the established disciplinary procedures in place in the bourses to take sanctions against offending members. This is because disciplinary measures have assumed increasing importance as compliance and ethics have come to the forefront of the global diamond trade.

IDMA

 The International Diamond Manufacturers Association (IDMA) is committed to fostering and promoting the highest ideals of honesty and best practice principles throughout the diamond industry worldwide, as well as full compliance with all relevant national and international laws.

Concerns for 2019-2020

 The world of diamond manufacturing is subject to continuous changes and challenges.

The number of financing sources available to rough diamond buyers i.e. the diamond manufacturers, have become scant. IDMA is eager to find new and alternative financing sources, as a healthy financial structure is sine qua none for a healthy diamond industry and trade.

IDMA argues for an effective informational and educational campaign throughout the supply pipeline, from miner to consumer, to assure that there will be a clear differentiation between diamonds and their synthetic, gem-quality counterparts.