WFDB president calls for common strategy and nomenclature for synthetics

A resolve to develop a common strategy which can differentiate between synthetics and diamonds of natural origin

Post By : AFNS On 25 October 2006 12:00 AM
The grades-for-bribes scandal at the Gemological Institute of America’s Gem Trade Laboratory widened March 8, 2006, with a report in the Wall Street Journal that GIA had sent letters to at least three more diamond dealers who sell to private clients or jewelry retailers, informing them that they would no longer be permitted to get diamonds certified with the lab due to ethical violations. In a media release issued March 13, the World Federation of Diamond Bourses promises to take disciplinary actions against any member who has been proven to be involved in activities leading to loss of consumer confidence.%%The Wall Street Journal received confirmation from Kathryn Kimmel, GIAs vice president of marketing and public relations, that additional letters had been sent. GIA said it has also provided the names to the U.S. Attorney’s office, which would neither confirm nor deny that an investigation is underway. GIA has so far refused to release the names of the alleged bribe-paying dealers, while De Beers’ Diamond Trading Company has written to sightholders instructing them to confess if they were among those cited by the lab.%%In a media release issued March 13, 2006 the Executive Committee of the World Federation of Diamond Bourses announced that its affiliated bourses will take severe and definite disciplinary actions against any member who has been proven to be involved in fraudulent activities or in activities that lead to loss of consumer confidence. “The WFDB applauds the actions taken so far by GIA regarding the issues of fraudulent diamond grading reports and it urges all parties involved to bring this matter to a speedy, satisfactory and honorable conclusion”, the release stated. Commenting on the statement, WFDB president Schmuel Schnitzer said “we cannot afford to be less than most stringent here. We must take severe action against transgressors, to protect our collective reputation and the global diamond business’ integrity at large”.

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