IDMA Presidents Endorse DDI

The International Diamond Manufacturers Association presidents unanimously reaffirmed their endorsement of the Diamond Development Initiative, a partnership of the diamond industry, NGO’s, governments, banks and other interested parties, to improve conditions in the artisinal alluvial diamond mining sectors. The presidents also unanimously approved the appointment of IDMA’s secretary general, Stephane Fischler, to the newly formed DDI Board of Directors.

The motions were made during IDMA’s bi-annual meeting held June 24-26 in Amsterdam.

IDMA presidents engaged in an extensive exploration of the various pending projects to develop and implement a financial market in diamond futures and derivatives. The presidents questioned the benefits to prospective investors in these financial products and expressed grave concerns regarding the risks to the industry resulting from the anticipated volatility which will be injected into an otherwise reasonably stable marketplace. IDMA presidents urged that any diamond financial product must incorporate full transparency and remain free from any potential conflicts of interest.

In the context of preserving consumer confidence in diamonds, IDMA presidents secured the involvement of CIBJO president, Gaetano Cavalieri, in establishing guidelines to ensure that all diamond grading laboratories are properly equipped with the technology and expertise necessary to ensure detection and full disclosure of all treatments, simulants, and synthetic diamonds.

IDMA welcomed the Diamond Manufacturers Association of Canada as a full member. During deliberations, members explored strategies to find alternative sources for rough diamonds. Recognizing the emergence of new diamond manufacturing centers, IDMA presidents invited all new manufacturing centers to submit an application for membership.

In other issues, IDMA presidents discussed and reviewed the three year report of the Kimberly Process Secretariat and KP compliance. In addition, IDMA president, Jeffrey Fischer, repeated the organization’s support for the WFDB Mark, and reiterated IDMA’s confidence that the Bourses will back the Mark with all the power required to ensure its credibility.