Diamond’s First Official Ban Prohibiting Illegal Trade Of Synthetic Diamonds
2004: Diamond’s First Official Ban on Israel Illegal Trading of Synthetic Diamonds
The Israel Diamond Exchange has banned the trade of synthetic diamonds. The President of the diamond exchange, Shmuel Schnitzer, has prohibited IDE members from selling the stones.
“There is no doubt that we must take a firm stand against synthetic diamonds,” Shmuel Schnitzer, who is also the President of the World Federation of Diamond Bourses, said in a statement. “These are imitations, and must not be handled by members of the legitimate trade.”
The Israel Diamond Exchange is the first of the world's exchanges to officially ban synthetic diamonds.
A long-time leader in such measures, the IDE was also the first exchange to ban the trade in conflict diamonds several years ago.
Schnitzer is placing the subject of synthetic diamonds on the agenda of the next World Congress of Diamond Bourses, in October 2004.