World Federation of Diamond Bourses announces the creation of a WFDB diamond trading platform.
Last week they sent a letter to all of their members, stating the following:
Dear member of the worldwide diamond trade:
In light of the crisis caused by the global pandemic Covid-19, we are writing to you as representatives of the midstream. Due to the desperate need this unprecedented crisis has created for our members, it has never been clearer that all of our members across the world are intimately linked.
Many member bourses and countries have their own local trading platforms. The WFDB today is announcing that it will be creating a state-of-the-art trading platform available for use by all members of all bourses, to be created with the needs of WFDB members in mind, and backed by the peace of mind that comes with knowing that every transaction will be protected by the WFDB’s unparalleled and unique arbitration system.
The WFDB believes that a cross-bourse trading platform, underpinned by the WFDB’s and affiliated bourses world-renowned arbitration system, would help further the WFDB’s core missions to promote the international diamond trade and the resolution of disputes between individual members of the affiliated bourses through arbitration. In these times of uncertainty, the dependability, security, an reliability of the WFDB’s arbitration system has never been more crucial, and we hope this new platform will help expand this system to modern trading methods.
The WFDB believes strongly in the value of competition and that adding the WFDB platform would also strongly contribute to the promotion of the trade and to healthy competition.
In the interim, while the site is being developed, the IDI has graciously agreed to allow all WFDB members to use its international trading platform, available at www.getdiamonds.com.
If there is any silver lining and benefit to Covid-19, it has taught us that all diamond bourses should come together, promote and facilitate the diamond trade in order for members of every bourse to trade freely with one another and to feel safe while doing so. We encourage all of our member bourses to enthusiastically participate in this
We all fully understand and empathize with the feelings of concern and frustration that our members have expressed to us with regard to the current crisis and we believe that at this period all the factors in the global diamond industry should act
with full responsibility and utmost caution.
May we ask you to bear with us knowing that we are acting in your best interests. We will make sure the members are kept up to date on a regular basis.
Should there be any further clarifications and assistance required, please contact your
Bourse, who will liaise with the WFDB.