The World Federation of Diamond Bourses (WFDB) and CIBJO, the World Jewellery Confederation, have signed an agreement that will see the two groups work toward co-ordinating their effort in key areas.
“This agreement recognizes that in the current environment, no single sector of our industry operates in a vacuum,” said CIBJO president, Gaetano Cavalieri.
“Through co-operation and co-ordination, we will be better able to serve our members, our customers, and our stakeholders.”
According to the agreement, WFDB and CIBJO will remain fully independent of one another, but will aim to co-ordinate positions in the following areas;
• gemmological standards and nomenclature;
• standards and methods of disclosing treated, enhanced, synthetic, and simulated diamonds and gemstones;
• corporate social responsibility (CSR);
• good governance; and
• sustainability, including the Kimberley Process.
They also will share information regarding developments in the international diamond and jewellery markets.
The groups signed the agreement in Istanbul, Turkey, at the WFDB’s presidents’ meeting.
“By creating a proper framework in which we can discuss developments and formulate policies and strategies, we will promote a more efficient and more responsive industry,” said WFDB president Ernest Blom. “Ultimately, this will serve the confidence of consumers, both in our products and our industry.”
Eli Izhakoff, president of the World Diamond Council (WDC), witnessed the signing.
“I congratulate both presidents and both organizations on this important agreement,” said Izhakoff, who also serves as honorary life president of both the WFDB and CIBJO.
“If we have learned one thing in recent years: it is that the chain of distribution is only as strong as its weakest link. The agreement is meant to ensure there are fewer potential weak links.”
