While lab-grown diamonds are a legitimate product, bourses have the right to ban them, World Federation of Diamond Bourses president Ernest Blom declared in an Oct. 6 statement.
The statement follows the Bharat Diamond Bourse’s decision to ban lab-grown diamonds from its exchange grounds. This move goes further than an Israeli Diamond Exchange decision to keep them off its trading floor.
“Each of our member bourses, of course, has full decision-making power regarding which types of diamonds can be bought and sold within their premises as long as the decisions are made in line with the WFDB’s regulations,” Blom said in the statement. “We are not opposed to trading in synthetic/laboratory-created diamonds and accept that there could be a market for them. We only insist that such stones are fully disclosed so that the trade and consumers know exactly what they are being offered. This is critical in ensuring consumer confidence.”