GJ Town India

Social responsibility, transparency, compliance and full disclosure   The World Federation of Diamond Bourses (WFDB) concluded a very successful Presidents’ Meeting at the DMCC in Dubai last week, during which the organization adopted a resolution in support of social responsibility, transparency, compliance and full disclosure. This was also the first time that representatives of the Young Diamantaires were invited to join the Executive Committee meeting and Working Session.    The Opening Session on February 24 featured keynote speaker Angola Minister of Mineral Resources, Petroleum and Gas, HE Diamantino Pedro Azevedo. Other speakers included host DMCC Executive Chairman Ahmed Bin Sulayem, Alrosa Head of International Relations Peter Karakchiev, De Beers CFO Midstream Susanne Swaniker, CIBJO President Gaetano Cavalieri and WDC President Edward Asscher. Yoram Dvash called on the diamond industry to adopt the principles of social responsibility and transparency for the good of the

The Gem & Jewellery Export Promotion Council (GJEPC), Gem & Jewellery National Relief Foundation (GJNRF) and World Federation of Diamond Bourses (WFDB) organise a free vaccination drive for the artisans of diamond industry.  

  Italian diamond exchange:                           All over the world, the diamond industry is going through a very complicated period, and optimism and concern are protagonists. This is what was outlined by the President of the World Federation of Diamond Bourses Mr. Yoram Dvash, a reality of which the Italian Diamond Exchange has been a part since 1954. The world diamond industry is slowly getting back on its feet and the Diamond Exchanges are returning to activity albeit with the limitations of the period.  Likewise, the retail markets, China and the United States in the first place, are showing encouraging signs of recovery.   In a report on the global diamond industry, Moody's Investors Service indicated that global revenues from diamond sales are expected to drop by 30-40% in 2020 due to the Covid-19 measures.  And the market should gradually recover from the second half of this year.   Luigi Cosma, President of the Italian Diamond Exchange, "with a greater return t

New Natural Diamond Advertising Campaign Revealed   The third day of the 39th World Diamond Congress was concluded with a closing session addressed by World Federation of Diamond Bourses (WFDB) President Yoram Dvash and International Diamond Manufacturers Association (IDMA) President Ronnie VanderLinden.   WFDB President Yoram Dvash said, “This has been a World Diamond Congress that we will never forget.” He noted that participation had been high despite the long online sessions, and deemed the First Virtual World Diamond Congress an overall success. Dvash called on the members of the world diamond industry to work together for the good of the entire industry. “The future of the world diamond industry is largely in our hands.  If we adopt solidarity and unity, we have an opportunity to accomplish great things.  And if we update our practices to reflect the values and desires of the younger generations of buyers, we have a very good chance of winning them over as devoted customers,”

  Get Diamonds Platform CEO announced!   The World Federation of Diamond Bourses (WFDB) announced that it has recruited industry veteran Kim E. Pelletier to serve as CEO of the newly formed Get Diamonds B2B diamond trading platform.   Get Diamonds, which is owned by the WFDB, is the only non-profit entity diamond trading platform whose slogan is “By the industry, for the industry.”   Get Diamonds is operated by Lucy Platforms, an Israel-based hi-tech company that uses state-of-the-art technologies including artificial intelligence (AI) to create a most advanced diamond trading platform.   Since launching in March, Get Diamonds has become the largest diamond trading platform in the world, with 1.3 million stones listed.   Its 5.8 billion dollar total value of listings demonstrates the desire of the industry for an alternative trading platform that brings added value to industry members. Yoram Dvash, Acting President of the WFDB said, “We sought a strong leader from within the indu

We’re an industry that has Always overcome and emerged stronger Yoram Dvash, President, Israel Diamond Exchange and Acting President, World Federation of Diamond Bourses inked a blog amid pandemic scenario. He inks, I write to you direct from the Israel Diamond Exchange in Ramat Gan. Our huge trading hall, which is usually teeming with activity, is now fairly empty because of restrictions that allow only 100 people access at a time. Who would have imagined a diamond exchange with no handshakes to seal transactions? Almost four months ago, when the coronavirus broke out, I found myself having to manage the worst crisis the Israel Diamond Exchange has ever known. The challenge was massive and I approached it with great apprehension – to safeguard the health of the community, which includes more than 3,200 members and some 8,000 small and medium-sized business owners, and the health of the industry that is so dear to us all. In 2015, I was elected the 10th President of

It has no relevance and Indeed, is unrealistic! RapNet, the world’s largest diamond trading network with daily listings of over $7.4 billion, will be voting on whether it should provide diamond listing and pricing services for synthetic diamonds. Voting will be limited to registered RapNet members who log in to RapNet. In the response, WFDB informed the proposal of Rapaport to their members. “I am writing to you about proposals recently sent by Martin Rapaport in a communication to his clients where he asks two questions: 1. How does the industry feel about starting a price list for synthetic stones & 2. What is the response to creating a “natural diamond organisation” Ernie Blom, President, World Federation of Diamond Bourses (WFDB) cited the proposal. Further the WFDB informs to all those members that, on the first question, the WFDB firmly believes that publishing a list for synthetic diamonds would mislead the public and be very much against its interest. W

Changed GIA LGD report to fall into US FTC line! The World Federation of Diamond Bourses (WFDB) has welcomed overall the changes by the Gemological Institute of America (GIA) to its reports for lab-grown diamonds. The GIA said its reports will be changed to come into line with revisions to the U.S. Federal Trade Commission (FTC) Jewelry Guides announced last year. As of July 1, the GIA will discontinue the GIA Synthetic Diamond Grading Report and introduce, instead, the GIA Laboratory-Grown Diamond Report. WFDB President Ernie Blom said he was pleased that although the reports will include the standard GIA color, clarity and cut grading scales for reference purposes, they will continue to use Colorless, Near Colorless, Faint, Very Faint and Faint to report the color grades for laboratory-grown diamonds, rather than the letters used to report the color grades used for diamonds. "In addition, we are happy to see that the reports will continue to use Flawless, In

Next Executive Committee in Tel Aviv in June: WFDB Annual Asian Summit held! The World Federation of Diamond Bourses (WFDB) has held its annual Asian Summit-Executive Committee (EC) meeting where it conducted discussions on a range of issues of importance to the global industry. Hosted by the Hong Kong Diamond Bourse (Diamond Federation of Hong Kong), the meeting took place a day before the opening of the Hong Kong International Diamond, Gem and Pearl Show which is followed by the Hong Kong International Jewellery Show. "The Asian Summit is critical in giving our Presidents across the region the ability to meet relatively easily and provide their input during our talks on the subjects that are at the top of the industry's agenda," said WFDB President Ernie Blom. "As far as Asia is concerned, we had representatives attending from the diamond exchanges in Japan, Bangkok, China, India, Dubai, Hong Kong and South Korea. In addition, I was able t

Abolished a 26%  Diamond Tax World Federation of Diamond Bourses (WFDB) President Ernie Blom has praised the work of the WFDB-affiliated Korea Diamond Exchange in persuading the government to abolish a high diamond tax instituted more than four decades ago. Following five years of talks and intensive work by the Korea Diamond Exchange (KDE), the South Korean government in December abolished a 26% Individual Consumption Tax on imported polished diamonds that dates back to 1976, said bourse Chairman Nam Chang-Soo. "Now, South Korean diamond importers will have a simplified tax regime: a 5% import tax and 10% Value Added Tax, said Nam Chang-Soo. “We hope that the abolition of the ICT and simplified taxes will have a very positive effect on diamond jewelry sales in South Korea. I believe that we will see a big increase in sales of polished diamonds and of diamond jewelry," he said, adding that annual sales of polished diamonds in South Korea amount to around $2.5 bill

A significant increase Exports of polished diamonds in India and Belgium World Federation of Diamond Bourses (WFDB) President Ernie Blom says the diamond and jewelry industries appear to be heading for a strong end of the year according to import and export figures and other reports in recent weeks.   India recently reported a 19-percent rise in exports in October in its latest results, while Belgium posted a 17-percent increase. Meanwhile, US retail industry research groups are predicting a rise in holiday season sales of around 5 percent. "The figures are looking upbeat," said Blom. "Exports of polished diamonds showed a significant increase in two of the most important centers – India and Belgium.  Meanwhile, forecasts for the holiday season in the United States are very promising as a result of the strength of the US economy. And we saw record-breaking figures for consumer purchases on Black Friday and Cyber Monday last month. "In ad

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, financin

Recent Import Duty Hike to Strengthen Jewellery Manufacturing in India A step towards establishing Brand India jewellery! The government recently increased the customs duty on categories of diamond such as semi-processed, half cut or broken, and cut and polished coloured gemstone to 7.5 per cent, from 5 per cent earlier, and increase in import of jewellery articles from 15% to 20% in a move to narrow the current account deficit (CAD). Mr Pramod Kumar Agrawal, Chairman, The Gem & Jewellery Export Promotion Council (GJEPC) said, “GJEPC welcomes the step undertaken by the government to narrow the current account deficit. Welcoming the Increase in import duty on jewellery from 15% to 20% by Chairman GJEPC said “this move would not only help the sector strengthen jewellery manufacturing in India but also give a boost to Jewellery exports from India, a step towards establishing Brand India jewellery”. Mr. Agrawal said, “The import duty increase in cut and