2005

WFDB Moves to Improve Consumer Confidence

April 2005

The World Federation of Diamond Bourses continues to work on developing a trademarked logo to ensure that the WFDB abides by "better business" principles.

The WFDB trademarked logo would be displayed by approved members of the WFDB-affiliated diamond exchanges to ensure their suppliers and clients that they meet strict business and ethical standards that are being created by the organization.

The development of the WFDB mark is part of a plan first introduced by WFDB president Shmuel Schnitzer in 2004. The plan involves the accreditation of individual members of affiliated diamond exchanges ethical standards. The move aims to improve consumer confidence in the diamond industry.

The WFDB's executive committee also issued a statement in regard to gem quality synthetic diamonds, declaring that any member of a WFDB-affiliated bourse found failing to disclose synthetics is liable to the most severe disciplinary procedures as well as possible criminal sanctions.

Finally, the WFDB agreed to co-chair an industry-wide Consumer Confidence Commission, with CIBJO, The World Jewellery Confederation. The joint commission will be chaired by Ernest Blom, WFDB vice president.