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Paz Urges Industry Not to Squander Marange Opportunity

Nov 3, 2011 8:28 AM   By WFDB
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Press Release: The World Federation of Diamond Bourses (WFDB) president, Avi Paz, praised Kimberley Process (KP) members following their decision this week on the issue of exports of diamonds from the Marange region of Zimbabwe. He voiced the WFDB's hope that the decision will enable a period of stability for members of the diamond supply pipeline.
"Zimbabwe has a great role to play in the future of world diamond production," Paz said. "The country's diamond wealth can and must serve as a means to raise the living standards of all its citizens.
"It is of utmost importance that all players in the pipeline support this resolution, regardless of their criticism of it. We must all understand that the alternative, which is disassociation and rejection, would create havoc. That would negatively impact not only the lives of the Zimbabwean people, but also of millions of others worldwide who depend on the diamond industry for their livelihoods."
Paz congratulated Obert Mpofu, Zimbabwe's Minister of Mines and Mining Development, Mathieu Yamba, the chair of the Kimberley Process, and Eli Izhakoff, the president of the World Diamond Council, for their belief and determination in pursuing the agreement reached in Kinshasa.
However, the WFDB president warned that this agreement was just the beginning of a long process. "All parties now will have to step up to the plate and make sure they respect the agreement in full. We can be sure that the Zimbabwean people and their representatives, NGOs, the global diamond business community, and the world at large will be looking over the KP's shoulder, critically and continuously. This is an opportunity not to be missed," Paz added.
About the WFDB:
The object of the World Federation of Diamond Bourses is to protect the interests of affiliated bourses and their individual members, and to further the amicable settlement or arbitration of differences and disputes between the individual members of the affiliated bourses and between the affiliated bourses. In furtherance of this object, it is the aim of the world federation to participate in the promotion of world trade and to encourage the establishment of bourses, with the view of eventual affiliation of all centres where diamonds are actively traded.
Members of the bourses affiliated to the World Federation of Diamond Bourses pledge themselves to uphold the traditions, principles of mutual trust, consideration and friendship which prevail among the members of the bourses world-wide. They pledge themselves to abide by and hand down these principles and to ensure that they will forever serve as a basis in business relations between members of the affiliated bourses world-wide.

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Tags: Kimberley Process, WFDB, Zimbabwe
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