Advanced Search

WFDB, Industry Organizations Boycott WDC Meeting

Oct 28, 2014 5:42 AM   By Deena Taylor
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... The World Federation of Diamond Bourses (WFDB), together with seven diamond industry organizations, withdrew their participation in the World Diamond Council's (WDC) annual general meeting that is slated to begin today in Antwerp, Belgium. The groups cited disappointment with WDC's leadership over the past few months. 

The other organizations included the Gem & Jewellery Export Promotion Council of India (GJEPC), the Federation of Belgian Diamond Bourses (FBDB) the Bharat Diamond Bourse (BDB), the Israel Diamond Exchange (IDE) the Israel Diamond Institute (IDI), the Dubai Diamond Exchange (DDE) and CIBJO, the World Jewellery Confederation. The group sent a joint letter to the WDC announcing their decision not to participate in the meeting "until the direction that WDC current leadership intends to take is satisfactorily explained."

One of the main points of contention was a recent survey conducted by WDC that failed to consult the signatories, who together represent almost 98 percent of the industry. 

"While the mandate of our members is clear and set out herein, we will not support any entity under the parentage of the World Federation of Diamond Bourses, which has appeared to take arbitrary decisions in a lack of transparency,” the letter stated.

"It is, therefore, the sincerest wish of the signatories to develop and foster a fruitful and meaningful relationship with the WDC in the future," WFDB stated.

The letter stressed that its signatories still remain committed to enforcing and complying with the Kimberley Process Certification Scheme.
Tags: CIBJO, DDE, Deena Taylor, diamond industry, diamonds, GJEPC, IDE, IDI, WDC, WFDB
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
May 26, 2022
News: Polished trading sluggish but suppliers to large jewelry retail brands doing well. Expectations rising
IGI 140IGI Grades Largest Polished Lab-Grown
May 25, 2022
The International Gemological Institute (IGI) has graded a 27-carat lab-grown stone that it claims is the world’s
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.