Major Diamond Hub Takes Stand Against Undisclosed Synthetics

The trading hub hopes to “lead by example and send a clear signal” on the issue.

The diamond industry in Antwerp, Belgium, is taking a stand against undisclosed synthetic diamonds by committing to a new set of rules starting next year.

The area’s four diamond exchanges will follow the guidelines of the World Federation of Diamond Bourses, according to Rapaport News.

Enforcement of the guidelines means there will be “an obligation to provide a clear description of goods on invoices and memo documents,” the website reports.

The policy also means that traders who don’t stick to the rules will be disciplined.

It’s important that the Antwerp diamond industry “lead by example and send a clear signal” on the issue of synthetic diamonds in order to ensure trust in the diamond business, said Willy Rotti, president of the Federation of Belgian Diamond Bourses, according to Rapaport.

Antwerp’s Diamond Quarter is the largest diamond district in the world.

Read more at Rapaport News