Exchanges affiliated to the World Federation of Diamond Bourses (WFDB) will soon unveil targeted campaigns on social media, to clarify the unique selling proposition of natural diamonds to the broadest possible audience. This was decided at a recent meeting of the Executive Committee (ExCo) held in Israel which discussed synthetic diamonds and their impact on the global diamond industry.

Yoram Dvash, President of the Israel Diamond Exchange and host of the meeting of the ExCo, commented: “In the coming months, diamond exchanges will develop specific communication programmes on social media to promote our diamond business. Consumers should be aware of what they are buying as well as what the intrinsic value is of the product they are embracing.”

During the ExCo meeting, a special session was held on the issue of synthetic diamonds, which was addressed by Martin Rapaport, Chairman of the Rapaport Group, who had been invited as a guest speaker. He explained that melee goods have been losing value since January and that there is a serious concern that prices for this category of goods of lower quality and purity will decline further.

Clarifying the organisation’s stance on synthetics, WFDB President Ernie Blom said: “The WFDB is not opposed to synthetic diamonds as such on the market. They should, however, always be disclosed so that consumers know exactly what they are buying, and so that there is no confusion between real natural diamonds and lab-growns.”

He added that the organisation also believed that “the consumer should be aware that synthetic diamonds will not hold their value over time as their production capacity is unlimited. Unlike diamonds, the value of synthetic diamonds will not be forever and they do not express the same emotion of ever-lasting love and passion.”

The Executive Committee also discussed how the trading of synthetic diamonds should be organized in the most appropriate way at WFDB-affiliated exchanges. Currently, the diamond exchanges in India, Israel and Hong Kong prohibit trading in synthetic diamonds on the floor of their diamond exchanges.