The World Federation of Diamond Bourses (WFDB) was founded in 1947 to unite diamond exchanges under a single umbrella and provide a common set of trading practices and rules for diamond bourses around the world. These practices cover trading in rough and polished diamonds as well as colored gems.
A slowdown in trade in most diamond centers is having an impact on prices of many items. The market is suffering from an oversupply of small goods that is having an effect on financing, rough diamond purchases and, of course, prices as the market is heading to Diwali.
London Diamond Bourse President Freddy Shalteel Hager was a central figure in the diamond industry for many years. Born in October 1948, in post-war Britain, his start was humble. He graduated from University College London in 1972 with a degree in economics and moved to Israel to learn the diamond business. At first, he was not sure he really wanted to work with diamonds, but after he learned how to sort and grade small diamonds, he changed his mind.
Demand is falling and dragging prices down with it, leading to a decline in trade. That is the central theme of the recent past. Miners, countries and traders are all reporting a decline in activity. A worrying trend throughout the diamond pipeline.
George Robert Crowningshield may not be a household name to many in the diamond industry, however he is responsible for a number of important discoveries that impact nearly everyone in the trade. Key among them were techniques in detecting diamond fraud. He was also instrumental in establishing what are known as the 4Cs.