DiamondBuzz
Israel Diamond Exchange quits WFDB amid tariff dispute
The Israel Diamond Exchange (IDE) has suspended its membership in the World Federation of Diamond Bourses (WFDB), citing dissatisfaction with the organisation’s conduct during the ongoing US import tariff crisis, Rapaport News reported.
In a letter to WFDB Secretary-General Rony Unterman on 8th April, the IDE board said the decision followed unanswered requests for information and actions that had harmed Israel’s diamond trade. IDE President Nissim Zuaretz told Rapaport the move was triggered by WFDB President Yoram Dvash’s comments in Calcalist, where he criticised country-specific lobbying and promoted a global strategy for tariff exemptions.
Zuaretz accused Dvash of trying to take credit for advocacy led by the World Diamond Council (WDC), potentially jeopardising Israel’s own efforts. Dvash denied the claims, telling Rapaport they were “untrue and frankly absurd,” and emphasised the WFDB’s ongoing collaboration with the WDC.
Zuaretz said the IDE would shift focus to partnerships with the WDC and the International Diamond Manufacturers Association (IDMA), while also saving over $29,000 in annual fees. Dvash described IDE’s withdrawal as “rash,” warning it could weaken global unity at a critical time for the industry.
DiamondBuzz
SCS Global Ending “Sustainably Rated” Certificates For Diamonds, Gems
SCS Said The Decision Reflected Market Conditions That Had Failed To Support The Voluntary Programme At Scale. It Also Cited The Lack Of Adoption By The Mining Sector and The Absence Of A Clear Regulatory Framework For Product-Level Chain-Of-Custody
SCS Global Services and its nonprofit standards arm, SCS Standards, have retired the SCS-007 certification programme for sustainably produced diamonds and gemstones, ending one of the industry’s more prominent third-party sustainability certification schemes.
The programme was formally retired on September 1, 2026. SCS Global Services will no longer conduct audits against the standard, while SCS Standards will no longer maintain it. Companies that already hold certifications can continue to use them until their existing expiry dates.
SCS said the decision reflected market conditions that had failed to support the voluntary programme at scale. It also cited the lack of adoption by the mining sector and the absence of a clear regulatory framework for product-level chain-of-custody claims across an increasingly fragmented supply chain.
SCS-007 was originally introduced in 2020 as a framework for independently assessing environmental, social, climate and traceability performance in the diamond supply chain. Its scope subsequently expanded to include emeralds, rubies and sapphires. The standard incorporated requirements covering governance, traceability, environmental stewardship, social responsibility and climate performance.
The programme initially focused heavily on laboratory-grown diamonds. By 2024, SCS said it had certified eight lab-grown diamond producers, 12 diamond handlers and 65 retailers across 14 countries, with more than 100,000 certified diamonds sold through more than 500 stores.
However, adoption remained limited. Industry participants cited by JCK have also pointed to the cost and complexity of certification, particularly for growers, cutters and polishers.
The retirement comes as consumers and jewellery companies continue to seek independently verifiable information on the environmental and social credentials of diamonds. SCS Standards said it remains open to working with existing industry schemes that could build on the chain-of-custody framework developed through SCS-007.
-
JB Insights1 day agoThe New Jewellery Shopper: Why Trust Is Becoming The New Retail Currency
-
National News24 hours agoGJEPC Hosts UK Trade Interaction In Kolkata To Boost Exports
-
National News4 hours agoGold, Silver Prices Fall As US-Iran Tensions Raise Rate Hike Concerns
-
National News3 hours agoVBJ Brings 126 Years Of Jewellery Legacy To Puducherry With An Exclusive Exhibition

