WFDB commences 38th WDC in Mumbai

Committees Debating Industry Issues

Oct 25: The 38th World Diamond Congress, the biennial meeting of the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA), began on Tuesday in Mumbai with the WFDB holding important Committee meetings. 

The meetings of the WFDB's Judicial, Trade & Business, Promotion, and Executive Committees heard updates regarding their activities, and discussed future plans. "There have been so many developments in the diamond business since we last met at the 2017 Presidents Meeting that it was vital for us to have the opportunity to hear the views and opinions of our members from across the world," said President Ernie Blom.

"We have been confronted with so many new issues this year that this has become one of the most important Congresses for our organisation. Our committees certainly held very detailed meetings today, particularly in the areas of synthetics, financing, the impact of De Beers' Lightbox jewelry, changes in the functions of tradeshows, social media marketing, our Young Diamantaires group and the results of a special survey of our bourses which raised many important questions about how we operate and we are looking forward to two more days of in-depth discussions," Blom added on day 1.

The Bharat Diamond Bourse is hosting the October 23-25 Congress at its premises. In addition to bourse delegations, the World Diamond Congress is also being attended by representatives from a range of industry bodies.

The World Federation of Diamond Bourses has 30 affiliated bourse members and exists to protect the interests of affiliated bourses and their individual members, and also to further the amicable settlement or arbitration of disputes between individual members of the affiliated bourses and/or between affiliated bourses. The WFDB participates in the promotion of world trade and encourages the establishment of new diamond bourses.

Members of affiliated bourses pledge to uphold the traditions, principles of mutual trust, consideration and friendship which prevail among the members of the bourses world-wide. They also pledge themselves to abide by and hand down these principles and to ensure that they will forever serve as a basis in business relations between members of affiliated bourses.