Diamonds

Save E-mail Print Most Popular RSS Reprints

WDC: Industry's future rests on ethics, transparency

By Susan Thea Posnock
May 10, 2007

Similar Stories | Topics

Jerusalem, Israel—After a challenging year for the diamond industry that culminated with the release of Blood Diamond, industry leaders gathered here for the fifth annual World Diamond Council (WDC) meeting to reflect on the progress made and to acknowledge the continuing challenges in eradicating conflict diamonds and other consumer confidence issues.

"There can be no turning back to the days when we were seen to be turning a blind eye," noted WDC Chairman Eli Izhakoff, who presided over the daylong conference.

More than 100 participants convened to hear from speakers including De Beers Managing Director Gareth Penny, Alrosa President Sergey Vibornov, World Federation of Diamond Bourses President Ernie Blom, International Diamond Manufacturers Association President Jeffrey Fischer, World Jewellery Confederation President Gaetano Cavalieri and Global Witness spokesman Alex Yearsley.

De Beers' Penny noted how the consumer of the future will not tolerate products that are unethically sourced.

"The days of people buying things unknown, and the days of people not caring about where things come from are over," he said.

Among the issues he said the industry must continue to address are governance, in terms of transparency; ethics, in terms of money-laundering and child labor; communities, in terms of conflict diamonds, poverty and alluvial diamond mining; and the environment.

In looking forward, Penny said the industry must build on the momentum it has gained and be perceived as staying ahead of issues.

"The WDC must be truly representative of the industry, the people and the countries in which we conduct our business, and it must continue to be transparent and accountable to all those who participate in it," he noted.

Alrosa's Vibornov—who said the Russian diamond giant intends to become a public company in the near future—also noted the importance of transparency.

"The Kimberley Process is the first far-reaching step toward enhancing diamond-industry transparency," he said.

He raised concerns, however, regarding the diamond-cutting industry, corrupt governments and the narrow focus of the Kimberley Process.

"The Kimberley Process should be supplemented by activities focused on attaining the maximum level of transparency for diamond-mining companies and developing a set of minimum compliance requirements such as mining-history track, sales volume and possible market cap," he said. "The certification process should apply to everyone in the pipeline."

Representing the non-governmental organizations that have been instrumental in pressuring the industry, Yearsley commended the efforts made—including the Kimberley Process and its recent success in overseeing problems in Ghana—while warning of trouble spots on the horizon. These include the upcoming trial of former Liberian leader Charles Taylor and issues in Angola, the Central Republic of Congo, the Democratic Republic of Congo, Venezuela and Zimbabwe.

Industry leaders noted that they are already addressing the problems in Venezuela and would stay alert to other problem spots.

Yearsley and others also addressed the importance of improving conditions for alluvial miners. He said the industry must continue to support the Diamond Development Initiative, which currently has a pilot program in Tanzania.

"The peace and prosperity enjoyed in Botswana, Namibia and South Africa from diamonds must transfer to other diamond-producing countries in Africa that are less fortunate than them," he said.

The WDC meeting began last night with a cocktail reception. Attendees heard from Shimon Peres, Israel's deputy prime minister and minister of industry, trade and labor. It concludes tonight with a gala event featuring keynote speaker Benjamin Netanyahu, the leader of the Israeli Likud Party.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

Diamonds

Fortunoff loose-diamond auction nets nice recovery

New York--SimplexDiam Inc. announced this week that its auction of Fortunoff's loose diamonds recovered more than 73 percent of the retailer's cost, according to a press release from SimplexDiam. Read More

NYC's Diamond District sparkles in new musical
Report: Human rights at stake in Zimbabwe's diamond fields
More Diamonds

More Like This

GCAL to sponsor WDC reception
May 04, 2007 | National Jeweler Network
Annual WDC meeting to focus on KP commitment
April 12, 2007 | National Jeweler Network
Conflict diamonds on agenda when WDC meets in Israel
March 14, 2007 | National Jeweler Network
U.S. retailers get poor grade from NGOs
February 22, 2007 | National Jeweler Network
Survey: Jewelers tackled conflict-diamond issue
February 05, 2007 | National Jeweler Network
TOPICS
Israeli Politics | Politics | World Politics

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Retailer Toolbar

Best of Awards
A monthly contest held in every important jewelry category to recognize the industry's most outstanding product design and marketing.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement