At the World Federation of Diamond Bourses’ (WFDB) Asia Summit – hosted by the Korea Diamond Bourse - in Seoul recently, further steps to refine its strategy were discussed.  “The WFDB's Executive Committee agreed on internal changes, as well as steps regarding increasing transparency in trading and generic marketing by the global diamond trade,” the organisation said in a press release.

At the meeting it was announced that   the WFDB-supported Know Your Customer (KYC) initiative will be launched in May this year. This, the body explained was a move aimed at increasing transparency in the industry to banks and regulators. 

Participants in the meeting also agreed on the need to work closely with the Diamond Producers Association (DPA) for effective generic marketing of diamonds;  particularly through creating a deeper relationship between the DPA and the World Diamond Mark initiative.

"We were able to discuss a wide range of issues affecting the diamond industry globally and to receive input from our presidents from across the world," said WFDB President Ernie Blom. "As we approach the World Diamond Congress in Dubai in May, we are finding that the themes for the meeting that we set – Transparency, Responsibility, Sustainability – cover the many issues on our agenda and we further strengthened our commitment to those principles.”

Blom said further: "In addition, Executive Director Louise Prior presented a dynamic plan of action for ensuring the WFDB remains the 'go to' voice of the international diamond business. This looked at the challenges and opportunities for the midstream and the part the WFDB is playing, as well as our unflinching support for transparent and responsible business behaviour. We also further refined our internal structure and our new communication strategy to ensure the WFDB is at the forefront when it comes to providing positive and accurate messages to the trade and media.”