On March 23, the Executive Committee of the World Federation of Diamond Bourses had written to all members of the midstream global diamond sector, regarding the creation of a New Trading platform due to the crisis caused by the global pandemic Covid-19. The statement reads as follows:
“Due to the desperate need this unprecedented crisis has created for our members, it has never been clearer that all of our members across the world are intimately linked. Many member bourses and countries have their local trading platforms.
The WFDB today is announcing that it will be creating a state-of-the-art trading platform available for use by all members of all bourses, and is created with the needs of WFDB members in mind, and backed by the peace of mind that comes with knowing that every transaction will be protected by the WFDB’s unparalleled and unique arbitration system.
The WFDB believes that a cross-bourse trading platform, underpinned by the WFDB’s and affiliated bourses world-renowned arbitration system, would help further the WFDB’s core missions to promote the international diamond trade and the resolution of disputes between individual members of the affiliated bourses through arbitration. In these times of uncertainty, the dependability, security, reliability of the WFDB’s arbitration system has never been more crucial, and we hope this new platform will help expand this system to modern trading methods.
The WFDB believes strongly in the value of competition and that adding the WFDB platform would also strongly contribute to the promotion of the trade and to healthy competition.
In the interim, while the site is being developed, the IDI has graciously agreed to allow all WFDB members to use its international trading platform, available at www.get-diamonds.com.
If there are any silver lining and benefit to Covid-19, it has taught us that all diamond bourses should come together, promote and facilitate the diamond trade for members of every bourse to trade freely with one another and to feel safe while doing so. We encourage all of our member bourses to enthusiastically participate in this new venture.
We all fully understand and empathise with the feelings of concern and frustration that our members have expressed to us concerning the current crisis and we believe that at this period all the factors in the global diamond industry should act with full responsibility and utmost caution.
May we ask you to bear with us knowing that we are acting in your best interests. We will make sure the members are kept up to date regularly.
Should there be any further clarifications and assistance required, please contact your Bourse, who will liaise with the WFDB.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
