The World Federation of Diamond Bourses (WFDB), the association of the world’s major diamond bourses, and the Shanghai Diamond Exchange (SDE), the only designated platform for diamond import and export in China, signed a Memorandum of Understanding yesterday to promote the development of the diamond market in China.
The MOU follows meetings by WFDB leaders and Chinese government officials during the WFDB Presidents’ Meeting in Shanghai in March, where agreement was reached to further the development of the Chinese diamond market through large-scale marketing campaigns and other initiatives.
The SDE has been a member of the WFDB since 2004 and holds a permanent seat on its Executive Committee. Lin Qiang, President of the SDE, is a member of the WFDB Executive and served for two terms as WFDB Vice President from 2018 – 2022.
The MOU was signed in Antwerp by WFDB officers Rony Unterman, Secretary-General, and Philippe Barsamian, Vice President as well as SDE President Lin Qiang. The ceremony was held in the presence of Mrs. Cathy Berx, Provincial Governor of Antwerp, Mr. Hua Yuan, Vice-Mayor of Shanghai and Mr. Peter Wouters, Alderman of the city of Antwerp.
The MOU seeks to further direct collaboration and synergy between the WFDB and the SDE, including events, campaigns and bilateral visits. According to the MOU, the WFDB will open a representative office within the China Diamond Center, and the SDE will focus on improving the development of the local diamond industry in greater China and on stimulating the growth of the diamond business.
WFDB President Yoram Dvash said, “The WFDB recognizes that the decline in diamond demand in China has caused a significant imbalance in the diamond market and presents a major challenge for the world diamond industry. The WFDB MOU with Shanghai signifies an important step toward cultivating a strong and healthy diamond industry in China, the second largest global market for natural diamonds. We will be working closely with the Shanghai Diamond Exchange, the center of the international diamond business in China, as well as with Chinese government officials to bring about a recovery of the industry.”
