WFDB requires united entrance to help pure diamonds

The World Federation of Diamond Bourses (WFDB) president Yoram Dvash has referred to as for a united entrance in response to the rising market share of artificial diamonds, which now account for greater than 20% of world jewelry gross sales.

In response to the WFDB, the fast progress of lab-grown diamonds is reshaping the sector, significantly in america, the place artificial stones characteristic in most new engagement rings.

Dvash mentioned that this pattern poses a severe risk to the “worth, picture and future” of pure diamonds.

Talking on the WFDB Presidents’ Assembly in June, he acknowledged that business leaders from producing nations, mining corporations, diamond exchanges and retailers had pledged elevated cooperation and monetary backing to advertise pure stones.

This consists of help from De Beers, the Pure Diamond Council (NDC), and retail teams reminiscent of Signet and Chow Tai Fook.

The Luanda Accord, signed in June by African diamond-producing nations and business our bodies, commits signatories to contribute 1% of tough diamond income to a worldwide advertising fund overseen by the NDC.

De Beers has additionally pledged additional funding in schooling and promoting, whereas the NDC has launched a brand new web site geared toward serving to retail employees talk the qualities of pure diamonds extra successfully.

Moreover, the WFDB has launched its personal marketing campaign utilizing unique video content material to spotlight the “emotional and symbolic worth of pure stones”.

Dvash described current initiatives as a “concerted world effort” to return pure diamonds to “centre stage”.

He mentioned: “The pure diamond is greater than a product – it’s a image. And its future is dependent upon our unity.”