WDC agrees on a diamond-warranty system

The World Diamond Council came up a system of warranties designed to “complement” and “support” the international certification system being developed by the Kimberly Process.

However, the WDC did not release the details of the system they agreed upon. Instead, according to a press release, they will submit their system for inclusion as part of the measures being developed by the Kimberley Process and presented for ratification by the United Nations General Assembly.

The WDC met at the Milan Trade Exhibition Center Milan, Italy, March 12 and 13 where members unanimously approved of the system of warranties during closed-door meetings. The event was hosted by Cibjo, The International Confederation of Jewellery, Silverware, Diamonds, Pearls and Stones.

Meeting at the Milan Trade Exhibition Center in Italy, Members of the WDC unanimously voted for the implementation of a system of warranties that will endorse each transaction of rough diamonds in trading centers around the world.

“Consumer confidence is the most essential asset of our industry and the unanimous decision taken today to implement this system of warranties demonstrates our determination to maintain that confidence,” said Eli Izhakoff, WDC chairman.

In addition to leaders of the world diamond industry, the meeting included representatives of many governments and leading non-governmental organizations involved in the Kimberley Process. Antonio Marzano, the Italian Minister of Trade and Industry, welcomed delegates and spoke of the importance the Italian Government attached to the efforts being shown by the WDC and the Kimberley Process to end the trade in conflict diamonds.

Abbey Chikane, from South Africa and Chairman of the Kimberley Process, acknowledged the positive support given by the WDC and the diamond industry and added that “the industry is clearly committed to the eradication of conflict diamonds.”

Nicky Oppenheimer, De Beers Group chairman, also addressed the meeting saying that with the decision to adopt the system of warranties the diamond industry is turning words into action not only to protect the integrity of diamonds but also “because it is right to do so. We have a clear duty to the societies in which we operate to act, and act effectively.”