Avi Paz delivers closing speech at World Congress

Avi Paz, the newly elected president of the World Federation of Diamond Bourses (WFDB), concluded the 33rd World Diamond Congress, summarising the events of four days. The Congress is a formal gathering of the general assemblies of the World Federation of Diamond Bourses and the International Diamond Manufacturers Association (IDMA).

He began with reminding those present of the significance of hosting the Congress for the very first time in China. “The very fact that the country is playing host to what for many years has been the most important event on the calendar of the international diamond community underscores not only the very rapid development of the Chinese industry and trade, but also the growing importance of China as a diamond centre and market. The WFDB expresses its sincere gratitude to the conference organisers, the Chinese government, the Shanghai Diamond Exchange and the CCJP Diamond Manufacturers Association.

This Congress is remarkable in as much as we accepted as full members, the Diamond Dealers Club of Australia, the Istanbul Gold and Diamond Exchange and the Panama Diamond Exchange. Their addition brings our membership up to a record 29 diamond exchanges in 20 countries. Another achievement was the acceptance by the executive committees of both the WFDB and IDMA of a revised set of IDC Rules for Grading Diamonds, prepared by the International Diamond Council (IDC).

IDC also contributed by announcing broadening the range of descriptors for gem-quality diamonds that have been created in laboratory or factory, and which have so far been referred to as "synthetic." According to the new IDC rules, such diamonds can be described as: "synthetic," "laboratory-grown," "laboratory-created," or "man-made," followed by the word "diamond" or "diamonds." Under no circumstances can the term "cultured" be used. Paz said the consumer also must be informed that a diamond is synthetic and not natural.

The Shanghai congress provided the opportunity to give an update on the WFDB Mark programme. “We honoured seven early adopters, including the first Associate Member, the Antwerp World Diamond Centre, and six trade media companies, all of whom will be assisting us in promoting the WFDB Mark Associate Member Programme”, Paz said.

We were particularly honoured to have Sergey Vibornov, the president of Alrosa, as our keynote speaker on the opening day. The WFDB considers the continuing liaison with the producers of rough diamonds to be of critical importance to our industry.

We recognise the growing recognition in the greater business community that it must demonstrate its commitment to Corporate Social Responsibility. In this respect, the WFDB and the diamond industry are involved in the establishment and operation of the World Diamond Council and the campaign against conflict diamonds. I would note that at the very basis of our WFDB Mark programme is the World Federation Code of Ethics, or WFCOP, which codifies the strict ethical business code.

Paz welcomed new appointments - Michael Vaughan as Secretary General, Dieter Hahn as Treasurer General, and Freddy Hager as Deputy Treasurer General, while members to join the Board of Directors are Anoop Mehta, David Marcus, Jacob Banda, Julien Drijbooms, Sergey Oulin, and as a co-opted member Lin Qiang. In conclusion he informed that the next Presidents Meeting will take place in Antwerp, Belgium, in 2009, and the 34th World Diamond Congress will be held in Moscow, Russia in 2010.