"What's so exciting for us today is, for the first time, we're talking about a comprehensive approach," Mr Fowler said.
The proposals adopted during the World Diamond Congress in Antwerp, Belgium, have been welcomed by pressure groups campaigning against the sale of what are called conflict diamonds.
The International Diamond Manufacturers' Association has agreed to implement a system of certification, which would provide documentation showing where a diamond has been mined.
Under the proposal uncut gems could only be exported in sealed packages containing a certificate of origin.
Any country which knowingly exported or imported illicit diamonds would lose its industry accreditation.
The measures will apply to gems from countries such as Sierra Leone, where there is substantial evidence that diamond sales are funding armed rebel groups.
Welcomed
The proposals were welcomed by Robert Fowler, Canada's ambassador to the United Nations and author of a recent UN report on conflict diamonds that was sharply critical of the industry.
"What's so exciting for us today is, for the first time, we're talking about a comprehensive approach," Mr Fowler said.
Diamond High Council Director General Peter Meeus insisted though that "this is not the trial of the diamond industry."
"A conflict needs oil. Are we going to ask to put a flag on every barrel?" Mr Meeus said.
It is not clear what powers the council would have to enforce any regulations.
Industry's image
The meeting in Antwerp - the world's largest diamond-trading centre - brings together delegates from all the diamond producing countries, mining companies, traders, cutters and polishers.
In addition to the political pressure, the industry is aware that the growing adverse publicity linking diamonds to war and conflict in Africa could hurt long-term sales.
The issue of conflict diamonds came to a head earlier this year when UN peacekeepers were taken hostage inside the rebel-controlled mining region of Sierra Leone.
The UN has issued embargoes against the sale of rebel diamonds from both Angola and Sierra Leone.
This has slowed but not stopped the trade.
Pressure groups such as Action for Southern Africa, are calling for a system of certification of uncut diamonds from mine to market place that would be legally enforceable, transparent and independently verifiable.