November 3, 2005
WFDB Meeting Will Create Plan for 'WFDB Mark'
The World Federation of Diamond Bourses' Presidents Meeting will be held at the Hotel Taj Palace and Towers Mumbai Nov. 13-15, where WFDB will formulate a plan to introduce the WFDB Mark to the jewelry market. The meeting is being held in conjunction with the International Diamond Manufacturers Association and is being hosted by the Bharat Diamond Bourse and the Indian Gem & Jewellery Export Promotion Council. This is the first time an official gathering of WFDB has taken place in India.
The WFDB Mark is the cornerstone of a program first discussed at the 2004 World Diamond Congress in New York City. The most visible icon of the program is a trademarked logo, which approved members of WFDB-affiliated diamond exchanges will be able to display to clients and suppliers, to confirm that they abide by WFDB's better business principles.
"The WFDB Mark program will send a strong signal to the jewelry industry and emphasize the benefits of doing business with members of WFDB-affiliated diamond exchanges," Shmuel Schnitzer, WFDB President said. "While many bodies have subscribed to codes of better business principles, the WFDB is the only one that I know of in our business that has both the infrastructure and the judicial means to implement and enforce its code. We believe that the WFDB Mark will become the leading symbol of quality in our industry."
With the world economy under significant pressure, Schnitzer noted that the 2005 Presidents Meeting is being held at a significant time for the diamond and jewelry industry. "But the fact that we are holding it in India, one of the hotbeds of growth in Asia, is particularly noteworthy," he said. "India and China together represent the two regions of massive growth for diamond jewelry, and provide us with confidence that the long-term health of the business is assured."