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WFDB, Industry Organizations Boycott WDC Meeting

Oct 28, 2014 5:42 AM   By Deena Taylor
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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
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