Each year, the World Diamond Congress will meet to discuss various topics that can have profound effects on different areas of the diamond industry. This year was the thirty third meeting of the World Diamond Congress and the issue of debate was the naming of synthetic diamonds.There were several different diamond organizations present at the World Diamond Congress and each organization was given an opportunity to express their opinion regarding the chosen nomenclature that is to be used to describe synthetic diamonds. Many of the executive members of the International Diamond Manufacturers Association, the World Federation of Diamond Bourses and the Shanghai Diamond Exchange were all on hand to express their desire to see growth in the generic diamond industry.
One of the first topics of the agenda at the World Diamond Congress was to discuss various methods that can be used to increase both the value and demand of diamonds among consumers. One of the world’s top marketing consultants gave a presentation to both the International Diamond Manufacturers Association and the World Federation of Diamond Bourses that described the various methods that were used by individuals in the gold industry to increase both demand and prices of gold over the last few years. He also described how these techniques could be applied to the diamond industry as a means of increasing the popularity of diamonds and raising the value of diamonds to the record levels that are currently being seen in the gold industry.
The president of the IDMA stated that most of the attention used to promote diamonds should be placed on the generic marketing of synthetic diamonds, which in the end could increase the demand for diamonds among consumers and raise the market value and prices for diamonds. The IDMA announced its plan to launch a major marketing program focused on synthetic diamonds in Mumbai in the early fall. This marketing plan is referred to as the diamond market initiative conference and is designed to focus on creating new and innovative ideas to increase the jewelry demand among consumers. Some of the ideas that have been mentioned in the past include the creation of a national jewelry week in the United States and holding various contests to encourage diamond artisans to create new cuts of diamonds that will be able to showcase the natural beauty of the diamond.
Many of the diamond organizations are trying to promote synthetic diamonds in different areas of the world where the diamond and jewelry industry is on the rise, including China. Many of the members of different diamond organizations feel that a great deal of focus should be placed on these countries because the potential for a good return is the highest.
One of the main features of the World Diamond Conference was the release of a new standardized naming system for synthetic diamonds. The new rules are designed to create a level grading system for diamonds that can easily be followed by anyone in the diamond industry. The rules that were proposed at the World Diamond Congress were created in a joint effort by the IDMA and the WFDB. The main feature of the new nomenclature system states that all diamonds created in a laboratory must clearly state that they are synthetic and not natural. There are various terms that can be used to describe synthetic diamonds and include lab-created, lab-grown, synthetic and manmade and each of the different names must include the word diamond. One of the rules stated that synthetic diamonds can no longer be referred to as cultured diamonds. This is because many consumers will confuse cultured diamonds with cultured pearls and have the false impression that the diamonds are naturally grown, which is not the case.
Most of the intrinsic value of a diamond is based on the fact that each diamond is unique from the next and that no two diamonds will be exactly the same. However, this is not true of synthetic diamonds in that the diamonds can be created in exactly the same manner and exhibits the exact same features. This is why members of the World Diamond Conference created the new nomenclature system to help identify natural diamonds from synthetic diamonds.
The new president of the WFDB stated that their membership has been steadily increasing and that the Mark Program that was created by the WFDB has also been steadily growing. They have also created an Associated Member Program that was just recently started. This program was designed as a way for the different diamond organizations to assist with promoting the synthetic diamond industry.
During the final day of the World Diamond Congress, many of the organizations and companies that attended were honored for their input on many issues that were presented.
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