Friday 07 August 2015

New Diamond Standard to Impact Entire Industry

New Diamond Standard to Impact Entire Industry

A set of international guidelines designed to provide consumers with greater confidence when buying diamonds has gained support from a number of industry organisations.

The World Federation of Diamond Bourses (WFDB) and the World Jewellery Confederation (CIBJO) have welcomed the international standard, with Australia’s peak jewellery industry body, the Jewellers Association of Australia (JAA), also announcing plans for its use within the local trade.

As previously reported by Jeweller, the ISO 18323:2015, Jewellery – Consumer confidence in the diamond industry standard released by the International Organization for Standardization (ISO) provides guidelines on the nomenclature that should be used by those involved in the buying and selling of different diamond types.

While offering clarity to manufacturers and suppliers, the standard was specifically designed to provide consumers with a greater understanding of the industry and thus increase confidence when purchasing diamonds.

WFDB president Ernie Blom explained that the process of creating a new ISO standard began seven years ago and that the WFDB had been involved in formulating the definitions, along with other industry stakeholders.

The importance of this standard lies in the fact that it sets out which nomenclature can be used and which cannot in the purchase and sale of diamonds, treated diamonds and synthetic diamonds,” Blom said.

A CIBJO media statement noted that the standard mirrored the terminology outlined in the organisation’s Diamond Blue Book (CIBJO’s industry standards manual), which were, in turn, aligned with those of the International Diamond Council (IDC).

This a development of the utmost importance, not only for us in the industry, but first and foremost for jewellery consumers, who are now better protected through international conventions than they previously were,” CIBJO president Gaetano Cavalieri added.

Read the rest of this article at JewellerMagazine.