News

Advanced Search

Moscow Bourse Suspends WFDB Membership

Apr 5, 2022 7:18 AM   By Joshua Freedman
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... 
The Moscow Diamond Bourse paused operations during the Russia-Ukraine war and has stepped back from the World Federation of Diamond Bourses (WFDB).

The exchange temporarily stopped its activity on March 7 and suspended its membership in the WFDB on April 3, the federation announced Monday.

Founded in 2005, the Moscow Diamond Bourse joined the WFDB in 2006. It is primarily a trading hub for polished originating from manufacturers in cutting centers such as India. It mainly serves the local Russian jewelry market, explained Alex Popov, its president.

The decision to stop operations was because of an “uneasiness” with Russia’s actions in Ukraine, according to Popov, who is currently based in Israel. The Western sanctions against Russia in response to the February 24 invasion were not a factor, he said.

“We are against the war, and we felt it’s not the right time to deal with diamonds in Russia,” he told Rapaport News.

In addition, many bourse directors and members are expats who decided to leave Russia.

“There [was] no point in doing too much activities, [so] we just closed the office and said, ‘We’re going to wait until the new times and we’ll see how it will develop,’” Popov added.

The bourse wrote to the WFDB on April 3 to inform it of its decision to leave, noting that it looked forward to “the end of hostilities” and expressing hope for a return to normality.

Popov “acted responsibly in shutting down its activities and suspending its membership in the WFDB,” commented WFDB president Yoram Dvash.

Image: Red Square, Moscow. (Shutterstock)
Tags: Alex Popov, Joshua Freedman, moscow, Moscow Diamond Bourse, Russia, Ukraine, WFDB, World Federation of Diamond Bourses, Yoram Dvash
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
Aug 04, 2022
News: Diamond market quiet. Deep concerns about trading slowdown and prospects for 2H. US retail
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.