The IDC was established in 1975 to provide its founders – the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association (IDMA) – with a set of universally accepted standards of nomenclature for polished diamonds within the international diamond trade. The challenge for a clear and unambiguous description of a polished diamond characteristics and quality was taken up by the IDC. At that time, it was mostly a 'horizontal' interest, meaning that is was of interest predominantly to the diamond and diamond jewellery trade.