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April 2006

In a statement, the World Federation of Diamond Bourses’ executive committee said it plans to take disciplinary action “against any member it finds to have conducted activity in which leads to the loss of consumer confidence.”

The statement said: “The WFDB applauds the actions taken so far by GIA regarding the issues of fraudulent diamond grading reports and it urges all parties involved to bring this matter to a speedy, satisfactory and honorable conclusion. The WFDB recognizes that GTL-GIA is a leading, reputable diamond grading laboratory and that GIA is a prime educational institution in the diamond trade. WFDB respects GIA’s role and offers its support during these trying times.”

But for those found guilty of trying to illegally influence the GIA, the WFDB vowed to be “most stringent.”

“We must take severe action against transgressors, to protect our collective reputation and the global diamond business’ integrity at large,” said Shmuel Schnitzer, WFDB president.

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