The World Federation of Diamond Bourses (WFDB) has firmly denied any connection to the Asian Diamond Exchange, dismissing claims made by Philux Global Group about an alleged affiliation.
In a statement released Monday, WFDB clarified that the assertions originated from Philux, a Luxembourg-based financial group, which appears to be soliciting public investment for the Asian Diamond Exchange.
According to the Philux website, the proposed exchange is described as a "modern bourse to be organized in affiliation with the World Federation of Diamond Bourses (WFDB)," claiming full compliance with the Kimberley Process. The project reportedly includes lab-grown diamond manufacturing and trading hubs in Vietnam and draws comparisons to major diamond exchanges such as the Israel Diamond Exchange (IDE), Bharat Diamond Bourse (BDB), Antwerp Diamond Exchange, and Dubai Diamond Exchange (DDE).
However, the WFDB, which represents 27 diamond bourses globally, firmly refuted these claims. "While the WFDB supports the creation of new diamond bourses and offers guidance during their early development, the Asian Diamond Exchange has never applied for WFDB affiliation, nor has it reached out to the federation in any capacity," the organization stated.
As the controversy unfolds, the diamond industry is left questioning the legitimacy of Philux’s project and its investment solicitations.