WFDB Executive Committee discussed synthetics at meeting in Israel

The Executive Committee of the World Federation of Diamond Bourses gathered at the Israel Diamond Exchange in Ramat Gan, Israel, on June 24, with one of the major issues discussed being the impact of synthetic diamonds on the global diamond industry.

WFDB President Ernie Blom said: "The WFDB is not opposed to synthetic diamonds as such on the market. They should, however, always be disclosed so that consumers know exactly what they are buying, and so that there is no confusion between real natural diamonds and lab-growns. At the same time, the consumer should be aware that synthetic diamonds will not hold their value over time as their production capacity is unlimited. Unlike diamonds, the value of synthetic diamonds will not be forever and they do not express the same emotion of ever-lasting love and passion."

The Executive Committee discussed how the trading of synthetic diamonds should be organized in the most appropriate way at WFDB-affiliated exchanges. Currently, the diamond exchanges in India, Israel and Hong Kong prohibit trading in synthetic diamonds on the floor of their bourses.

Yoram Dvash, President of the Israel Diamond Exchange who hosted the meet, said: "In the coming months, diamond exchanges will develop specific communication programs on social media to promote our diamond business. Consumers should be aware of what they are buying as well as what the intrinsic value is of the product they are embracing. Through targeted campaigns on social media, it is our intention to clarify the unique selling proposition of natural diamonds to the broadest possible audience."