The presidents of the World Federation of Diamond Bourses and CIBJO, the World Jewellery Confederation, have signed a cooperation agreement in Istanbul with “the aim of positively influencing developments in the international diamond and jewellery sectors”.
The signing by WFDB’s Ernest Blom and CIBJO’s Gaetano Cavalieri was witnessed by Eli Izhakoff, president of the World Diamond Council, who also serves as honorary life president of both the WFDB and CIBJO.
Under the agreement the WFDB and CIBJO will continue to maintain full independence but will aim to coordinate positions in the areas of gemmological standards and nomenclature; standards and methods of disclosing of treated, enhanced, synthetic and simulated diamonds and gemstones; and Corporate Social Responsibility, good governance and sustainability.
Cavalieri said the 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.”
Blom added that by creating a proper framework in which to discuss developments and formulate policies and strategies, the two organisation will promote “a more efficient and more responsive industry”.
“Ultimately, this will serve the confidence of consumers both in our products and our industry,” he said.
Izhakoff congratulated both presidents and organisations on the agreement.
“If we have learned one thing in recent years, it is that the chain of distribution is only as strong as its weakest link,” he said.
“The agreement is meant to ensure that there are fewer potential weak links.”