ABOUT THE WORLD FEDERATION OF DIAMOND BOURSES
The object of the World Federation of Diamond Bourses (WFDB) is to protect the interests of affiliated bourses and their individual members, and to further the amicable settlement or arbitration of differences and disputes between the individual members of the affiliated bourses and between the affiliated bourses. In furtherance of this object, it is the aim of the world federation to participate in the promotion of world trade and to encourage the establishment of bourses, with the view of eventual affiliation of all centres where diamonds are actively traded.
Members of the bourses affiliated to the WFDB pledge themselves to uphold the traditions, principles of mutual trust, consideration and friendship which prevail among the members of the bourses world-wide. They pledge themselves to abide by and hand down these principles and to ensure that they will forever serve as a basis in business relations between members of the affiliated bourses.
Founded in 1947 as a body that would unite diamond exchanges under one roof, the WFDB would come to provide a common set of trading practices for bourses trading in rough and polished diamonds, as well as coloured stones. Founded in 1947 as a body that would unite diamond exchanges under one roof, the WFDB would come to provide a common set of trading practices for bourses trading in rough and polished diamonds, as well as coloured stones.
At the World Diamond Congress in Amsterdam in 1975, the WFDB and the International Diamond Manufacturers Association (IDMA) acted together to regulate diamond grading standards, appointing a joint committee -- the International Diamond Council (IDC) -- to create an international set of rules, working methods and nomenclature. In 1978, the system was presented at the World Diamond Congress in Ramat Gan, and approved as the IDC International Rules for Grading Diamonds.
At the World Diamond Congress in Antwerp in 2000, the WFDB and IDMA acted unison once again, this time in an effort to protect the diamond pipeline from the infiltration of stones from conflict areas in Africa. Thus was born the World Diamond Council the all-industry body that, together with the United Nations, governments in producer, manufacturer and consuming centres, and NGOs, formulated the Kimberley Process Certification Scheme. And in 2012, the WFDB founded the World Diamond Mark Foundation (WDMF), the industry body that seeks to organize and coordinate an all-industry effort to reintroduce generic diamond marketing and promotion in to the luxury consumer product market.
The ability of the WFDB to react to changing conditions in the market has, since 1947, provided the diamond sector with an ability to act decisively and in unison, despite the great distances between the various manufacturing and trading centres. This ensures that the WFDB will remain the industry's most important representative body for year's to come.