DTC supports WFDB Mark

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DTC supports WFDB Mark

September 11, 2008

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London—Representatives from the World Federation of Diamond Bourses (WFDB) paid a visit to the Diamond Trading Co.'s (DTC) London office in late August to discuss general issues affecting the diamond industry.

According to a release from both organizations, topics at hand included De Beers' generic diamond-marketing activities for the fourth quarter—something the company has been pulling back on since its no longer controls the majority of the world's diamond supply—key issues impacting the world's diamond-cutting centers, ethics and the WFDB Mark.

The meeting resulted in the DTC expressing its support for the WFDB Mark, a designation granted to organizations by the WFDB as a sign of integrity, verified through a system of auditing, monitoring and enforcement.

In addition, the DTC recognized the value of diamond companies becoming members of one of the 28 affiliated WFDB bourses around the world and applauded the WFDB's involvement in providing input for the Financial Action Task Force's Guidance for Dealers in Precious Metals and Stones.

WFDB President Avi Paz—who was congratulated for the successful WFDB congress in Shanghai, China—led the executive committee from his organization, while DTC Managing Director Varda Shine led the DTC delegation.

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