World Diamond Council

The World Diamond Council (also known during its prototype period as the International Diamond Council) is an organization consisting of representatives from diamond manufacturing and diamond trading companies. The Council was set up in July 2000 to examine ways to reduce the number of conflict diamonds entering the diamond market.

At almost the same time national governments also took steps to eradicate trade of conflict diamonds by drawing up the Kimberley Process which governs how diamonds are obtained and traded. The World Diamond Council has representation on the Kimberley Process's working groups and is influential in determining the implementation of the Process.

The Council was set up in July 2000 after a joint meeting of the World Federation of Diamond Bourses (representing all the world's significant diamond trading centres) and the International Diamond Manufacturers Association (representing significant manufacturers).

The Council is currently chaired by Eli Izhakoff. There are eight other operating officers. In addition the Council has around 70 members representing jewellers, traders and manufacturers ( [http://www.worlddiamondcouncil.com/memberscom.shtml a full list of members] ). There are observers from the governments of Belgium (Antwerp is the largest diamond trading centre), South Africa (the largest diamond producing country) and Israel.

10 committees (Steering, Technical, Finance, Banking, United States Legislative, Legal, Information and Research, Producers, International Government and United Nations Liaison and Membership) report to the council.

The IDC Rules are the diamond grading guidelines devised by the International Diamond Council (IDC), which was set up in 1978 by the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA). There are currently five gemological laboratories worldwide that apply the IDC Rule Book. They are1. The Certificates Department of the Antwerp Diamond High Council (HRD), Belgium; 2. The Swedish Testing Institute, Stockholm, Sweden; 3. The Jewellery Council of South Africa Laboratory, Johannesburg, South Africa; 4. The Diamant Prueflabor, Idar Oberstein, Germany. 5. The Diamond Certification Laboratory of Australia, Sydney, Australia

ee also

* Diamonds as an investment

External links

* [http://www.worlddiamondcouncil.com/ Official homepage of the Council]
* http://www.diamondfacts.org
* [http://www.israelidiamond.co.il/english/News.aspx?boneId=918&objid=1898/ The fifth annual meeting of the World Diamond Council]