WFDB notes tendency of undisclosed synthetic diamonds entering market
October 28, 2013 – The World Federation of Diamond Bourses (WFDB) has noted with concern the growing tendency of undisclosed synthetic diamonds entering the market.
While the WFDB acknowledges that synthetic diamonds have a place in the market, they must not be confused with or marketed as natural diamonds.
It has been the policy of the WFDB that synthetic gems must be declared and as such the Federation will have a zero-tolerance approach towards individuals or companies who do not abide by this.
As the industry and the WFDB work hard to protect the reputation of diamonds, the Federation has put out an official warning that it will not stand for the passing off of synthetics as natural.
During the organisation’s executive meeting in London which took place last week, a unanimous decision was made to take severe action against any member who is found to knowingly misrepresent or fail to disclose synthetic diamonds.
Members of the diamond industry need to understand that they are personally responsible for what they sell which is why it is of the utmost importance to know your supplier and the legitimacy of their product whether it is ensuring they are KP compliant or disclosing synthetics.
The law is clear and the punishment for fraud will be pursued. The WFDB will work with all legal agencies across the globe to assist in the prosecution of those who participate in this type of fraud in the diamond industry.