The World Federation of Diamond Bourses (WFDB) has taken further steps to refine its strategy going forward, announcing its Know Your Customer initiative will launch in May.
This news was announced at the WFDB Asia Summit held in Seoul where presidents were hosted by the Korea Diamond Bourse. Here, 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 meeting revealed that the WFDB-supported Know Your Customer initiative, aimed at increasing transparency in the industry to banks and regulators, will be launched in a couple of months during the World Diamond Congress.
Participants agreed on the need to work closely with the Diamond Producers Association (DPA) to bring about 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,” comments 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 adds: “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.”