The Diamond Bourse of Canada hosted various prominent members of the Canadian mining industry at its Toronto office for a Mining Meet & Greet on Tuesday March 3, 2015.
During the course of the event, Diamond Bourse of Canada President David Gavin addressed the attendees with the following statement, “Deputy Minister Peter Vician, Assistant Deputy Minister Deborah Archibald, distinguished guests, fellow members of the board, ladies and gentlemen; I would like to take this opportunity to welcome you all to the Diamond Bourse of Canada. The Bourse is a diamond and gemstone trading facility and we are an industry association that provides a variety of unique industry specific services. For example, we have a bonded warehouse facility, a loose diamond trading floor, a Sarine machine, as well as a fully equipped lab with a Diamond Sure machine kindly donated to us by De Beers, safety deposit boxes and clerical services to name a few.”
Mr. Gavin went on to say that the Bourse came about with the help of the Canadian diamond industry stakeholders, including the Ontario provincial government as well as the Government of the Northwest Territories.
“We have been in existence for six years now,” adds Mr. Gavin. “ We have a membership of 80+ members, made up of both local and international diamantaires. We are a relatively young Bourse as is our diamond mining counterparts here in Canada but we seem to be making ourselves heard. We recently accepted our induction into the World Federation of Diamond Bourses which has raised our profile and has increased our relevance on the world stage.”
Dear Bourse Member,
The World Federation of Diamond Bourses president Ernie Blom put out an open letter on diamond grading, on Nov. 21, 2014.
As Canada`s only diamond trading organization and on behalf of the Board and with regard to this issue, the Diamond Bourse of Canada is fully supportive of the WFDB`s stance on the overstating of grading and we are in agreement on the terminology in regards to this matter.
The DBC recognises the need for increased transparency and honesty in the manner in which diamonds are traded and sold to consumers.
We advise all our members to adhere to the DBC code of ethics and to act at all times, in accordance with the highest standard of business ethics, personal integrity, honesty, including business practices that do not mislead or deceive.
As a Bourse member and supplier, it is your responsibility as a seller to ensure that the diamonds you sell are accurately graded to the standard accepted in the global diamond industry, which is the GIA.
As Mr. Blom stated, “ethical grading and certification are the most basic principles of the industry and these cannot be compromised. “
David Gavin, President
DIAMOND BOURSE OF CANADA
(Jeweller Magazine, Stephanie Chan)
The Jewellers Association of Australia (JAA) has taken steps to improve consumer confidence in diamond grading by publishing a list of six “approved” diamond grading laboratories.
Blom: Open Letter Regarding Over-Grading Certification
(Rapaport, By Ernie Blom)
The diamond industry is facing a serious challenge to its integrity, which could lead to major consumer confidence problems, if diamonds are sold with overstated certification. I want to stress that this is an industry problem that must be resolved by the industry in order to retain consumer confidence in our product and sustain and develop the international diamond trade.
Recently, awareness was raised regarding problems existing within a specific laboratory group and the overstating of grading from certain laboratories in this group, which has led to the exclusion of said laboratories certificates by the Rapaport Group.
Overgrading is not just a legal issue, it is an ethical issue facing the diamond and retail industry.
(Rapaport Magazine, Martin Rapaport)
Is it okay to sell a diamond as a G color when the color is really an N? How about if the G is really an L? Shockingly, a lot of the people in the diamond trade think that it’s perfectly okay to use third-party diamond grading reports to overstate the color and clarity of the diamonds they sell.
Rapaport Calls for End to Rampant Over-grading of Diamonds
Cites Threat to Industry and Calls for Full Disclosure to Consumers
PRESS RELEASE, November 10, 2014, New York … Martin Rapaport, the chairman of the Rapaport Group, has released a comprehensive editorial titled “Honest Grading” that discloses the over-grading of over 100,000 diamonds, valued at more than a $1 billion. Rapaport calls upon the legitimate jewelry trade to reject those selling over-graded diamonds that fool consumers into believing they are getting better diamonds than they are receiving.
WFDB Accepts the Diamond Bourse of Canada as New Member
The Diamond Bourse of Canada is pleased to announce our induction into the World Federation of Diamond Bourses (WFDB) on June 16, 2014. DBC is the 29th Bourse to be inducted and Bourse President, Mr. David Gavin, accepted this distinguished honour on behalf of the Diamond Bourse of Canada from Mr. Ernie Blom, President of the WFDB.
“Being accepted as the 29 member of the WFDB has raised our profile on the world stage and solidifies our positioning allowing us to coordinate strategies on issues of common interest“ David Gavin.
WFDB members approved the applications at the 36th World Diamond Congress in Antwerp which opened on Monday. The Congress is the bi-annual meeting of WFDB and the International Diamond Manufacturers Association (IDMA).
RAPAPORT Profile: David Gavin
The Diamond Bourse of Canada began operations in 2010, providing a bourse to the world’s third-largest diamond mining country by value. David Gavin was re-elected to a second term as president of the bourse at the end of May this year.
Name: David Gavin
Company: Diamond Bourse of Canada – President
Rapaport News: What characterizes the Canadian diamond jewelry market? Does it mirror the U.S. market?
DG: It is similar to the U.S. market but on a smaller scale. The recently approved Signet acquisition of the Canadian jewelry chains People’s and Mappin’s, which fall under the Zale banner, is a good thing for the Canadian market because such players tend to bring fresh ideas into the marketplace. In general, there’s a lot of cross-pollination between the U.S. and Canadian markets.
This means that there will be some synergies for the Canadian bourse and the U.S. market because we do have some U.S. members that don’t have offices and locations in Canada. The bourse gives them a place to hang their hat when they come and it gives them some sort of reference point in terms of finding customers.
The same is true for our Canadian members. We are a resource and a reference point for them. We can point them in the right direction depending on their needs. We really are a compass for them in terms of being plugged into certain associations or interest groups where we can see what trends are emerging in the market and help guide our members.
Our membership with the WFDB will also provide access to all of the diamond bourses around the world. It will expose us to all of their events and things that are happening around the world that we haven’t had access to before. This means that we will receive a whole new source of information that will be of great use to our members.
A big thank you to all of the candidates for running and making such impassioned and inspiring declarations to the members at the Annual General Meeting (AGM) last week. It was a pleasure to hear you speak and I hope this experience will encourage you to run again in future elections.
Announcing the newly elected DBC Board of Directors for 2014-2016:
- David Gavin, President
- Greg Jacobson
- Samuel Chmielash
- Jeffrey Brenner
- Allen Shechtman
- Sampat Poddar
- Bhushan Vora
Thank you to Razi Mizrahi and Deepak Kumar for scrutinizing and confirming each and every vote. A big thank you to every member who attended the AGM today and those who took the time to vote.
DBC ELECTION 2014: ORIGINAL CANDIDATE LIST
David Gavin (The Global Gem Group)
Samuel Chmielash (MSD Gem Lab Company)
Bhushan Vora (Gem Star Inc.)
Allen Shechtman (The Martin Ross Group)
Jeffrey Brenner (Jaybee Trading Inc.)
Greg Jacobson (Northam Diamonds)
Sampat Poddar (Byrex Gems Inc.)
Minesh Shah (Diaco Inc.)
Albert Wizman (Wizman Gems International)
Filip Zimerman (Zimmy Diamonds Inc.)
WFDB: WORLD FEDERATION OF DIAMOND BOURSES
Dear Mr. Gavin,
36th World Diamond Congress, Antwerp, 15-18 June 2014
I am delighted to take this opportunity to inform you of the 36th World Diamond Congress, which will take place in Antwerp from Sunday 15 June until Wednesday 18 June 2014.
The Congress will commence with registration and WFDB committee meetings on Sunday 15 June 2014 and is scheduled to end with a press conference Wednesday 18 June around midday.
As previously mentioned, the application for your bourse to become a WFDB affiliated member will be tabled at Congress and I hope to welcome a delegation from your bourse to participate in an observer capacity.
I would like to inform you that there will be an online registration service, which will be available soon. I would therefore suggest that you consult the following website on a regular basis: www.diamondcongress2014.com. This website will also provide updated information on the Congress. For any practical information, you can send an email to email@example.com.
I sincerely hope that you will join us in making the 2014 Congress a success and I look forward to welcoming you in Antwerp.
About the WDC and WFDB:
The World Diamond Congress (WDC) and the World Federation of Diamond Bourses (WFDB) provides diamantaires from around the world a unique opportunity to come together and discuss how we can react to changing conditions in the market.
Since 1947, the WFDB has provided the diamond sector with an ability to act decisively and in unison, despite the great distances between the various manufacturing and trading centres. This ensures that the world federation will remain the industry’s most important representative body for diamonds in years to come.
World Diamond Congress 2014
Rami Baron President of the DIAMOND DEALERS CLUB OF AUSTRALIA and executive member of the WORLD FEDERATION OF DIAMOND BOURSES interviews David Gavin, President Diamond Bourse of Canada.