The Asian Summit, organized by the Diamond Exchange of Singapore, focused on the activities of regional bourses and discussed a range of issues facing the industry in Asia, and their impact on the global diamond trade.
WFDB President Ernest Blom addressed the fight against money laundering and international terrorism. “The WFDB will be introducing stringent compliance regarding KYS/KYC (Know your Supplier/Client)”, said Blom. “The introduction of this policy in all WFDB affiliated bourses will clearly identify the rogue elements attempting to tarnish the high standards of our trade”.
Addressing the synthetics issue, the WFDB is demanding that all affiliated bourse members be required to incorporate a statement on their invoices and memos that clearly define the natural origin of diamonds. The measure requires the buyer to share the responsibly with the seller for this compliance.