Diamond Congress Expresses Grave Concerns About Sourcing Protocol

Attendees at the recent World Diamond Congress in Mumbai expressed “grave concerns” about the new diamond source protocol being developed by U.S. industry associations, according to a joint statement by the participating groups, the World Federation of Diamond Bourses and the International Diamond Manufacturers Association.

The protocol, introduced by Jewelers of America, the Jewelers Vigilance Committee, and the Diamond Manufacturers & Importers Association of America shortly before the Oct. 14–17 event, aims to let jewelers exclude diamonds from certain areas from their inventory. DMIA is a member of the International Diamond Manufacturers Association.

WFDB president Ernest Blom said the two organizations will enter into an “immediate and intense dialogue with their American colleagues” to mitigate the protocol’s possible affect on goods throughout the pipeline.

IDMA also elected Russian manufacturer Maxim Shkadov as its new president.