Dubai: The World Federation of Diamond Bourses (WFDB) has added the Gem and Jewellery Export Promotion Council (GJEPC) as the largest member among its 31-member bourses across the globe. The decision was taken at the ongoing 37th World Diamond Congress at Dubai recently.
The WFDB was set up in 1947 to unite diamond exchanges world-wide. It is the apex body of the diamond bourses around the world and sets the trading practices for diamonds whether they are rough, polished, coloured or colourless.
It was this federation in partnership with the International Diamond Manufacturers Association (IDMA) that set the international rules for diamond grading standards in 1975. These standards were published in 1978. The two organizations would act together again in 2000 to create the Kimberley Process, a method of ensuring that conflict diamonds do not enter the diamond pipeline.
As per the WFDB norms, the council had to adjust its by-laws to comply with the requirements. With this GJEPC will be able to get direct benefit of trading at all the diamond bourses around the world.
Louis Prior, the executive director of the WFDB, unveiled the organization’s strategy in a working session at the congress. The scheme will focus on increasing the WFDB’s membership; working with members to increase profit in the trade; engage with stakeholders such as producers, banks, governments and non-government organizations; strengthen industry compliance standards; and introduce a global communications strategy.
“It is an honour for the council to become the member of WFDB. The members of the council will get direct benefit,” said a senior functionary of GJEPC.