The Belgian Polished Diamond Traders Association

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Changes in the Board of Directors

Posted on March 17, 2014 at 3:05 PM

Dear member,


At the last board meeting of the Board of Directors on March 13th 2014, Mr Andre Gumuchdjian has offered to step down from the presidency due to other engagements. The Board of Directors has elected unanimously Mr Henri Keesje as the new president.

European court rejects the appeal of the BVGD

Posted on August 11, 2013 at 12:05 AM

After an eight year battle with the European commission, the EU General Court

has rejected our case for the establishment of an open, free and competitive market for diamonds.


We need to examine closely the Decision of the Court and the arguments that were invoked, most probably the “lack of community interest” has been the predominant factor.


While it is clear that the diamond industry does not affect as many consumers as, say, a Microsoft does, there are millions of people worldwide working in the diamond and jewellery industry. For us as well as for tens of millions of consumers, the impact of an open system would have been beneficial.


To be sure the market has changed tremendously in the last eight years. To a large extent, we feel we won more on the ground rather than in the courtrooms as many aspects of SoC have been proven to be detrimental to the market.


We will examine with our lawyers our further legal options.


We, at the BVGD, feel that many stakeholders have understood the validity of our arguments. Yet the core problems still remain. To be sure, the situation is changing slowly but surely. It is to be hoped that economic reality will force real change in the end, as distorted markets can never be efficient.


In the long run, economic forces will always prevail.


Andre Gumuchdjian

President of the Board of Directors

Rapaport Price List Reduction : Our Reaction

Posted on July 10, 2010 at 5:35 AM

The Belgium Polished Diamond Traders Association (BVGD) has always been at the forefront and is leading the struggle for a free, fair and transparent market.


The BVGD is very concerned by the latest reduction of the Rapaport diamond price list.


While we recognize that a correction in polished prices is taking place, the uniform decrease across the board from 10cts down to .30cts simply does not reflect the reality of the market.


At a time of extremely thin trading owing to a series of Jewish and Indian holidays coupled with the global economic turmoil it is very difficult to gauge the full impact of these price movements.


It is expected that the 3.00ct+ range will suffer the greatest correction as this is the area where the prices have risen the most. What is inconceivable is why the Rapaport Group considers it appropriate to reduce prices similarly in all ranges from 0.30 -10ct.

The 0.30 – 1.00ct range represents a range of polished where recent price rises were not even reflected on the Rapaport list and his decision to reduce the prices proportionately to the 3.00+ highlights once again his inability to correctly read the polished diamond market.


Acknowledging the need and usefulness of a price guide index for our industry, the BVGD appeals to other Polished Diamond Traders Associations to join it within the umbrella of the World Federation of Diamond Bourses to create a credible price index based on a clear and transparent methodology.


Andre Gumuchdjian

President of the Board of Directors of BVGD