The World Federation of Diamond Bourses (WFDB) has signed a Memorandum of Understanding (MOU) with the Shanghai Diamond Exchange (SDE) to promote the development of the natural diamond market in China.
The first steps of the cooperation were taken during the WFDB Presidents’ Meeting in Shanghai in March where leaders of the organization met with Chinese officials and agreed to further the development of the Chinese diamond market through large-scale marketing campaigns and other initiatives.
The SDE has been a member of the WFDB since 2004 and holds a permanent seat on its Executive Committee. The MOU seeks to further direct collaboration and synergy between the WFDB and the SDE, including events, campaigns and bilateral visits. According to the MOU, the WFDB will open a representative office within the China Diamond Center, and the SDE will focus on improving the development of the local diamond industry in greater China and on stimulating the growth of the diamond business.
WFDB President Yoram Dvash said, “The WFDB recognizes that the decline in diamond demand in China has caused a significant imbalance in the diamond market and presents a major challenge for the world diamond industry. The WFDB MOU with Shanghai signifies an important step toward cultivating a strong and healthy diamond industry in China, the second largest global market for natural diamonds. We will be working closely with the Shanghai Diamond Exchange, the center of the international diamond business in China, as well as with Chinese government officials to bring about a recovery of the industry.”
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
