WFDB to Accredit Authorized Retailers, Launch Generic Advertising

Alex Popov explaining about the Authorized Diamond Dealers program.

(IDEX Online News) – With initial funding from the Indian diamond industry, the World Federation of Diamond Bourses is embarking on an ambitious project to screen and accredit retailers as “Authorized Diamond Dealers” as part of the World Diamond Mark program.

Indian Sightholders and the Baharat Diamond Bourse have committed to provide seed money for the project, of about $150,000, split equally between the Sightholders and BDB, according to Alex Popov, president of the Moscow Diamond Bourse.

The program aims to screen diamond dealers and accredit those who meet good trading practices and a code of principles. Another part of the program is educational, based on the educational programs of the leading grading labs, specifically on how to sell diamonds.

The third part of the program is generic marketing, one of the most in-demand issues in the diamond industry. Popov estimates the advertising budget will reach $100 million by the fifth year of the program.

Half of the funding for the advertising campaign will come from retailers’ membership payments, the other half from the diamond industry, including producing countries, which have already expressed support for the program, according to Popov.

Participating retailers will pay $475 per store (door) and another $25 per showcase. During the pilot year, the program aims to reach 4,000 retailers in Turkey and India, expanding eventually to the U.S. by the fifth year, reaching a planned 60,000 retailers.