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The World Federation of Diamond Bourses has extended membership to Chow Tai Fook, the world's second-largest jewellery retailer by market value.
The World Federation of Diamond Bourses has extended membership to Chow Tai Fook, the world's second-largest jewellery retailer by market value.

Chow Tai Fook joins international diamond organisation

Chow Tai Fook, the largest jewellery retailer in China and the world's second largest by market value, has joined the World Federation of Diamond Bourses (WFDB) as part of a push to expand the diamond organisation’s membership.
Albert Chan, executive director Chow Tai Fook for diamond and gemstone procurement, is now an observer on the WFDB Executive Committee.
Albert Chan, executive director Chow Tai Fook for diamond and gemstone procurement, is now an observer on the WFDB Executive Committee.

Albert Chan, an executive director Chow Tai Fook responsible for diamond and gemstone procurement, has also been appointed as an observer on the WFDB Executive Committee.

“It is such an honour and a real privilege indeed to be invited into the WFDB family, with whom Chow Tai Fook shares identical core values,” Chan said.

In addition to operating retail stores, the Hong Kong-based company also owns several jewellery brands, including the diamond-focused Hearts On Fire.

The WFDB was founded in 1947 to enhance and protect the international diamond trade, largely through establishing trading practices for dealing in rough and polished stones and providing a unified body to represent international diamond bourses.

However, Yoram Dvash, acting president WFDB and president of the Israel Diamond Exchange, said its mission has expanded to “lead and promote the world trade in diamonds and diamond jewellery”.

Yoram Dvash, Israel Diamond Exchange
Yoram Dvash, Israel Diamond Exchange
"The diamond business is based on collaboration between many different parties. Our business depends on them and they depend on us"
Yoram Dvash, World Federation of Diamond Bourses

“The diamond business is based on collaboration between many different parties. Our business depends on them and they depend on us," Dvash explained.

"I have invited leading companies and organisations in our industry to join the WFDB and many have already expressed their interest in joining. I have no doubt that more will come aboard. Now more than ever we must join forces. That’s the only way we will be able to succeed," he added.

The WFDB recently launched a digital B2B diamond trading platform, Get Diamonds, which at the time of publication had more than 3,800 registered suppliers and product listings valued at $US5.6 billion. More than 26,000 buyers have registered with the platform, the majority of which are retailers.

 

More reading:
Positive results for new diamond trading platform
Coronavirus roughs up diamond industry
World Federation of Diamond Bourses names new president
 











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