The World Federation of Diamond Bourses (WFDB) which held an Executive Committee Meeting (ExCo) in Idar-Oberstein yesterday, discussed a wide variety of subjects including the World Diamond Council's proposed changes to its System of Warranties (SoW), nomenclature issues, Know Your Client, the proposed inclusion of the International Diamond Manufacturers Association into the WFDB, finance and the situation in India in the wake of the alleged fraud involving jeweller Nirav Modi.

"We held very frank discussions on a wide range of internal WFDB issues, as well as many pertaining   topics of critical importance to diamantaries in their daily work," said WFDB President Ernie Blom. "We have set up a small team which will review the proposed changes to the SoW and will have comments ready before the end of April."

WFDB Treasurer-General Mehul Shah, Vice-President of the Bharat Diamond Bourse, briefed ExCo  members on the mood in the Indian diamond industry in light of the financing scandal.

"As usual, we had a very full agenda of industry issues to address," added Blom. "These are challenging times for the wider global diamond industry, and it was extremely useful to hear the views of colleagues from across the diamond world ahead of the World Diamond Congress in Tel Aviv in June.”

Blom, on behalf of the WFDB ExCo,   thanked the Idar-Oberstein bourse for hosting the Executive Committee meeting.