Diamond industry C5 Conference launches WFDB Mark

This added a fifth 'C' for 'Confidence' to the traditional 4-Cs of diamond grading and quality standards; namely, colour, cut, clarity and carat. The initiative was another step taken towards educating the diamond trade in the value of a membership with DDE which is a member of the World Federation of Diamond Bourses (WFDB), the international regulatory and trade body of the diamond trade.

Welcoming the diamond traders, Ahmed Bin Sulayem, Deputy Chairman, DDE, said, 'The theme of the C5 Conference revolves around the tools that are being developed to enhance confidence in the diamond industry-among both traders and consumers-as this is the value that the diamond trade is built on.' He added, 'The launch of the WFDB Mark and the Diamond Confidence Kit further reinforces DDE's commitment to bringing international standards and best practices to the diamond trade in the region.'

Similar in concept to the ISO certification, the WFDB Mark allows DDE members to reinforce their commitment to the WFDB Code of Business, promoting confidence in DDE members and the diamond trade in the region. All members of the DDE are eligible for the WFDB Mark, which sets them apart as certified diamond traders who meet international standards.

Launching the WFDB Mark, Ernie Blom, President of the World Federation of Diamond Bourses, said, 'The WFDB Mark is the first tangible product/service that a WFDB member has to express that they are members and therefore have access to the WFDB network. It is the first internationally regulated diamond-related confidence tool and implies that the member abides by the WFDB Code of Business.'

Eli Izhakoff, Chairman of the World Diamond Council, introduced the Diamond Confidence Kit, which comprises a series of procedures and guidelines in accordance with international best practices, allowing diamond traders who are not members of DDE to build confidence among consumers. Adherence to the Confidence Kit methodology will also enable traders to move towards gaining DDE membership.

Speaking at the conference, Izhakoff said, 'The role of the World Diamond Council is to fill the gap between the industry and consumers. The Diamond Confidence Kit is developed to educate jewelry retailers about conflict diamonds and, more generally, the retailer's role in developing confidence in diamond consumption.'

The conference educated future DDE arbitrators and also stressed the advantages of being a member of the DDE, which is a member of the WFDB, elevating the bourse to an international platform and ensuring compliance with global best practices.

More than 150 participants, including existing and potential DDE members and diamond ancillary industries, attended the conference.

Established and regulated by Dubai Multi Commodities Centre Authority (DMCCA), the DDE is the only diamond bourse in the Arab world and the only one in the region that is a member of the World Federation of Diamond Bourses.