Editor’s Note
This report highlights the recent gathering of global diamond industry leaders in Shanghai’s Pudong district for the 2024 WFDB Presidents’ Meeting and Forum. The event underscores the ongoing international collaboration aimed at fostering a stable and well-regulated global diamond market.
Recently, the 2024 World Federation of Diamond Bourses (WFDB) Presidents’ Meeting and Forum, organized by the Shanghai Diamond Exchange, was held in Pudong. Global diamond industry leaders gathered to jointly promote the healthy and orderly development of the diamond market.
The World Federation of Diamond Bourses (WFDB), founded in Antwerp, Belgium in 1947, is the most important representative body of the world diamond industry. It is dedicated to promoting international diamond trade and establishing internationally accepted trading rules. It holds its annual Presidents’ Summit in rotation at major diamond trading centers worldwide to conduct in-depth discussions on significant issues of common concern within the industry. This conference attracted over 40 diamond industry leaders from around the world, including heads of major diamond exchanges, representatives from core regions of the diamond industry chain, and industry experts from important international institutions.
Shanghai is the birthplace of China’s diamond processing industry, possessing a complete industrial chain encompassing diamond trading, design, processing, and retail. It has fostered two major trading platforms: the Shanghai Diamond Exchange and the China (Shanghai) Gems & Jades Exchange. Pudong, as a key area for implementing national strategies, is the largest import consumption distribution hub in China. Currently, Pudong is making every effort to build itself into an international consumption center, with the diamond, jewelry, and fashion consumption industry set to become one of the key development sectors.
Located in Pudong, the Shanghai Diamond Exchange was established in 2000. It is a national-level factor market approved by the State Council and China’s only platform for diamond import and export transactions. After more than two decades of development, it has grown into a major global diamond trading center and an important member of the WFDB Executive Committee, simultaneously propelling China’s diamond market to become the world’s second-largest. The Shanghai Diamond Exchange has continuously enhanced its cooperation and exchanges with the international diamond industry, with several international cooperation projects such as the “China-Israel International Diamond Week” and “CIIE Industry Cooperation” being implemented. By the end of 2023, the Shanghai Diamond Exchange had 411 members, nearly half of which are foreign-funded enterprises.
Lin Qiang, President of the Shanghai Diamond Exchange, stated that the exchange is always committed to working with the industry to build a more efficient and standardized diamond market trading system. In the next step, the exchange will collaborate with the Diamond and Gemstone Office and Customs to establish a diamond import traceability system to further ensure the authenticity and legality of imported diamonds. Simultaneously, the exchange will also research and promote the development of a second-hand diamond market to enhance diamond liquidity and enrich the functional attributes of the diamond market.
This conference also announced that the World Federation of Diamond Bourses will establish a cooperative relationship with the Natural Diamond Council. Together with other influential organizations, they will conduct public awareness campaigns to distinguish natural diamonds from lab-grown diamonds, helping consumers better understand the differences between the two types. Furthermore, the conference introduced some very important amendments to the arbitration rules of the diamond industry, which will make the dispute resolution process between different exchanges easier and faster.
