Increased transparency and social responsibility are crucial to safeguarding the future of the diamond trade, industry leaders said at the recent World Federation of Diamond Bourses (WFDB) Presidents’ Meeting in Dubai.

The bi-annual meet, hosted by the WFDB from February 23 to 25, was the first in-person WFDB event since the pandemic hit in 2020.  

The group adopted a resolution supporting social responsibility, transparency, compliance and full disclosure. It was also the first time that representatives of the Young Diamantaires – a group created by the WFDB to grow and support the next generation of diamond industry players – were invited to join the executive committee meeting and working session.

WFDB President Yoram Dvash called on the diamond industry to implement social responsibility and transparency initiatives, adding that these are “vital, if we want to protect the future of our industry.” 

The group also adopted “Guidelines on Responsible Business Practices,” which include the following: Responsible sourcing throughout the supply chain, respect for human rights, fair labour practices, protection of the environment, adherence to anti-money laundering and anti-terrorist finance regulations, and full disclosure on laboratory-grown and treated diamonds, or simulants.