IDC Rules to serve as guide for disclosure throughout the polished diamond supply pipeline

The IDC was established in 1975 to provide its founders – the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) – with a set of universally accepted standards of nomenclature for polished diamonds within the international diamond trade. The challenge for a clear and unambiguous description of a polished diamond characteristics and quality was taken up by the IDC. At that time, it was mostly a  'horizontal' interest, meaning that is was of interest predominantly to the diamond and diamond jewellery trade.  

Fast forward to the 21st century, the demand for a clear-cut and easy to understand nomenclature for polished diamonds has become a 'vertical' necessity, meaning that not only the trade itself but also the players in the downstream market -- retailers, consumers – have a clear interest. 

This, of course, puts us, the representatives of our industry, under much greater scrutiny- and sometimes even under greater strain than in the past. The numerous meetings that have been held during the past two years or so in the framework of IDC, CIBJO, and also CEN, are a good example of how intensive – and sometimes very emotional -- the discussions have been with regard to the nomenclature for synthetic diamonds and how important it was for all parties to reach a consensus that could be accepted and communicated throughout the entire pipeline. Fortunately, we have been able to resolve this particular issue successfully within the diamond trade and in a satisfactory fashion. Change is never easy and for many in our industry it takes considerable time and effort to adapt to these changes. The challenge now is to find common ground with our colleagues of the laboratory-grown diamond industry and the retail community. We must assure clear and transparent nomenclature on which disclosure is based.

Information technology has enabled consumers to be thoroughly informed. Demand for transparent and clear information about diamonds has become a critical factor. Many will say this is part of the 21st century consumer's profile. While that is true, it is important to understand that today's consumers have more choices in the “luxury” market than ever before. Therefore, the more access the consumer will have to reliable information, the easier it will be for us to market diamonds and for the consumer to make an informed choice. This is the building block for the marketing wizards upon which they create the magic and assure that jewellers will be competitively equipped to compete in the luxury goods environment to enable them to successfully move their unique product over the last 30 centimetres – from the hands of the jeweller, over the counter, into the hands of the consumer.