The World Federation of Diamond Bourses (WFDB) and the Shanghai Diamond Exchange (SDE) will work together to further strengthen China’s natural diamond market amid a slowdown in demand. 

The two bourses signed a Memorandum of Understanding in mid-May 2024 following meetings between WFDB leaders and Chinese government officials at the WFDB Presidents’ Meeting in Shanghai in March. 

Under the MoU, large-scale marketing campaigns and other initiatives will be carried out to promote natural diamonds in China and further develop the market. 

It also seeks to boost direct collaboration and synergy between WFDB and SDE, including events and bilateral visits. WFDB is to open a representative office within the China Diamond Exchange Center while SDE will focus on market development in greater China.

WFDB President Yoram Dvash said a decline in diamond demand in China caused a significant imbalance in the diamond market and presents a major challenge for the world diamond industry. 

He added, “The WFDB MoU with Shanghai signifies an important step toward cultivating a strong and healthy diamond industry in China, the second largest global market for natural diamonds. We will be working closely with SDE and the Chinese government to bring about a recovery of the industry.”

The MOU was signed in Antwerp by WFDB Secretary-General Rony Unterman and WFDB Vice President Philippe Barsamian, as well as SDE President Lin Qiang.