IMehul Shah, President, World Federation of Diamond Bourses [WFDB] addressed the centenary celebration of CIBJO during the ongoing Vicenza ORO jewellery exhibition in Vicenza, Italy. He began by congratulating Dr. Gaetano Cavalieri, President of CIBJO on the centenary celebrations and highlighted the excellent work CIBJO has carried out over the last 100 years especially the Blue Book & Retailers guidelines.
Mehul Shah congratulated CIBJO’s efforts on adopting the terminology “Synthetic Diamonds” for laboratory-created diamonds. WFDB also passed a resolution supporting the use of this terminology, he said, adding, “This is a milestone step towards greater clarity and transparency in our industry.
On Synthetic Diamonds, Mr. Shah opined that the two commodities should never be compared and have different consumer bases. He said the carat of synthetic diamonds will obviously be more than natural diamonds because natural diamonds are a gift of mother nature and are rare. He said that synthetic diamonds are currently being purchased largely by consumers who cannot yet afford natural diamond jewellery. As their purchasing power increases, these consumers may eventually move towards natural diamond purchases. He further suggested that synthetic diamonds should be viewed in the context of other diamond alternatives, such as moissanite and crystals, rather than being considered a direct replacement for natural diamonds. Synthetic Diamonds are an entry point to the purchase of natural diamonds.
It is now more important than ever that global trade bodies come together and work collectively for the betterment of the diamond, gem and jewellery industry. Every organisation brings its own expertise, and when we combine our strengths, we become a powerful force for progress.”
He complimented CIBJO’s recognition by the United Nations Economic and Social Council in 2006 as a technical expert and advisor, stating it was a proud moment for our entire industry that reflects its global credibility and influence.
He ended his speech by saying “WFDB, Bharat Diamond Bourse and the global diamond industry, would like to assure CIBJO of our complete support and cooperation. We look forward to building a stronger collaboration and working together towards a promising future.”
About the World Federation of Diamond Bourses (WFDB) The World Federation of Diamond Bourses (WFDB) is an association of the world’s major diamond bourses and promotes the interests of the member bourses and their members. As the official organization of the international diamond trading sector, the WFDB creates a common set of trading practices in rough and polished diamonds. Founded to protect the interests of diamond bourses and their members worldwide, the WFDB promotes ethical business practices, transparency, and international cooperation across the global diamond trade.
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