Agreement will focus on gemmological standards and nomenclature.
The World Federation of Diamond Bourses (WFDB) and the World Jewellery Confederation (CIBJO) have signed a cooperation agreement that the two organisations say aim to positively influencing developments in the international diamond and jewellery sectors.
The agreement was signed at the recent WFDB meeting in Istanbul. While the WFDB and CIBJO will both continue to maintain full independence they will work together on gemmological standards and nomenclature; for example the standards and methods of disclosing of treated, enhanced, synthetic and simulated diamonds and gemstones and corporate social responsibility.
Good governance and sustainability, including the Kimberley Process, will also be part of their foci. The WFDB and CIBJO will also share knowledge, information and assessments about developments in the international diamond and jewellery markets, protecting the integrity of our members worldwide.
CIBJO president Gaetano Cavalieri said: "This agreement recognises that in the current environment, no single sector of our industry operates in a vacuum. Through cooperation and coordination, we will be better able to serve our members, our customers and our stakeholders."
The president of the World Diamond Council, Eli Izhakoff, witnessed the signing of the cooperation agreement. He congratulated both parties and said the agreement will ensure there are fewer potential weak links in the chain of distribution.
The WFDB President Ernest Blom said: "By creating a proper framework in which we can discuss developments and formulate policies and strategies, we will promote a more efficient and more responsive industry. Ultimately, this will serve the confidence of consumers both in our products and our industry."